UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSR

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07923

City National Rochdale Funds

 (Exact name of registrant as specified in charter)

________

400 North Roxbury Drive

Beverly Hills, California 90210

 (Address of principal executive offices) (Zip code)

William J. Souza, Esq.

400 North Roxbury Drive

Beverly Hills, California 90210

 (Name and address of agent for service)

Registrant’s telephone number, including area code: 1-888-889-0799

Date of fiscal year end: September 30, 2016

Date of reporting period: March 31, 2016

Item 1.  Reports to Stockholders.

TABLE OF CONTENTS

	City National Rochdale Funds Semi-Annual Report
2	Schedule of Investments/Consolidated Schedule of Investments
103	Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities
107	Statements of Operations/Consolidated Statement of Operations
112	Statements of Changes in Net Assets/Consolidated Statement of Changes in Net Assets
118	Consolidated Statement of Cash Flows
120	Financial Highlights/Consolidated Financial Highlights
125	Notes to Financial Statements/Consolidated Notes to Financial Statements
141	Disclosure of Fund Expenses
144	Board Approval of Advisory and Sub-Advisory Agreements
147	Shareholder Voting Proxy Results

The Funds file their complete schedules of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The Funds’ Form N-Q filings are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The most current Form N-Q filing is also available on the Funds’ website at www.citynationalrochdalefunds.com and without charge, upon request, by calling 1-888-889-0799.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the Funds’ portfolio securities, and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ending June 30 is available (1) without charge, upon request, by calling 1-888-889-0799, (2) on the Funds’ website at www.citynationalrochdalefunds.com, and (3) on the Commission’s website at www.sec.gov.

CITY NATIONAL ROCHDALE FUNDS | PAGE 1

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Government Money Market Fund

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [75.6%]
FAMC DN
0.200%, 04/11/16	$	100,000	$	99,995
0.326%, 05/02/16		10,000		9,997
0.400%, 05/04/16		7,000		6,998
0.400%, 05/11/16		10,361		10,356
0.471%, 08/18/16		50,000		49,909
FFCB
0.468%, 04/08/16(A)		27,175		27,157
0.157%, 04/15/16(A)		50,000		49,998
0.412%, 04/18/16(A)		50,000		49,998
0.278%, 04/19/16(A)		50,000		50,003
FHLB
0.529%, 04/01/16(A)		50,000		50,000
0.504%, 04/01/16(A)		50,000		50,000
0.213%, 04/02/16(A)		50,000		50,000
0.473%, 04/12/16(A)		30,000		29,999
0.262%, 04/13/16(A)		50,000		50,000
0.305%, 04/18/16(A)		50,000		50,000
FHLB DN
0.361%, 04/06/16		73,700		73,696
0.185%, 04/13/16		362,700		362,678
0.367%, 04/15/16		117,110		117,093
0.267%, 04/20/16		50,000		49,993
0.312%, 04/22/16		130,000		129,976
0.330%, 04/27/16		100,000		99,976
0.410%, 04/29/16		50,000		49,984
0.371%, 05/04/16		134,545		134,499
0.395%, 05/06/16		33,000		32,987
0.370%, 05/10/16		100,000		99,960
0.385%, 05/11/16		50,000		49,979
0.300%, 05/12/16		39,320		39,307
0.369%, 05/13/16		136,125		136,066
0.400%, 05/18/16(B)		50,000		49,974
0.383%, 05/20/16		150,000		149,922
0.413%, 05/27/16		61,600		61,561
0.387%, 06/08/16		100,000		99,927
0.380%, 06/10/16		44,074		44,042
0.387%, 06/15/16		91,000		90,927
0.369%, 06/17/16		115,000		114,909
0.390%, 06/24/16		50,000		49,955
0.574%, 07/08/16		75,000		74,883
0.581%, 07/13/16		100,000		99,834
0.518%, 07/27/16		50,000		49,916
0.582%, 09/14/16		50,000		49,866
FHLMC
0.875%, 10/14/16		50,000		50,110
FHLMC DN
0.200%, 04/04/16		16,750		16,750
FNMA
0.422%, 04/20/16(A)		50,000		49,997
Total U.S. Government Agency Obligations
(Cost $3,063,177)				3,063,177
Municipal Bonds [6.3%]
California [1.6%]
ABAG Finance Authority for Nonprofit, Miramar Apartments Project, Ser A, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		14,700		14,700
Anaheim, Housing Authority, Sea Wind Apartments Project, Ser C, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		6,300		6,300
California Statewide, Communities Development Authority, Fairway Family Apartments Project, Ser PP, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		8,000		8,000
Los Angeles, Community Redevelopment Agency, Hollywood and Vine Apartments Project, Ser A, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		28,450		28,450
Sacramento County, Housing Authority, Ashford Heights Apartments Project, Ser H, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		9,000		9,000
Total California				66,450
Florida [0.2%]
Duval County, Housing Finance Authority, Camri Green Apartments Project, RB, FNMA, AMT
0.460%, 04/07/16(A) (D)		6,300		6,300

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 2

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Government Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
New York [3.4%]
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC
0.490%, 04/07/16(A) (D)	$	13,500	$	13,500
New York State, Housing Development Authority, 26th Street Development Project, Ser A, RB, FHLMC, AMT
0.530%, 04/07/16(A) (D)		9,350		9,350
New York State, Housing Finance Agency, 345 East 94th Street Project, Ser A, RB, FHLMC, AMT
0.390%, 04/06/16(A) (D)		13,300		13,300
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.510%, 04/06/16(A) (D)		18,100		18,100
New York State, Housing Finance Agency, 360 West 43rd Street Project, Ser A, RB, FNMA, AMT
0.510%, 04/06/16(A) (D)		23,800		23,800
New York State, Housing Finance Agency, East 84th Street Project, Ser A, RB, FNMA, AMT
0.430%, 04/06/16(A) (D)		15,000		15,000
New York State, Housing Finance Agency, Victory Housing Project, Ser 2004-A, RB, FHLMC, AMT
0.510%, 04/06/16(A) (D)		25,500		25,500
New York State, Housing Finance Agency, West 38th Street Project, Ser A, RB, FNMA, AMT
0.390%, 04/06/16(A) (D)		20,000		20,000
Total New York				138,550
Texas [0.7%]
Houston, Housing Finance, Regency Park Apartments Project, RB, FNMA, AMT
0.400%, 04/06/16(A) (D)		13,295		13,295
Texas State, Department of Housing & Community Affairs, Idlewilde Apartments Project, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		13,290		13,290
Total Texas				26,585
Washington [0.4%]
Washington State, Housing Finance Commission, Vintage Spokane Project, Ser A, RB, FNMA, AMT
0.410%, 04/07/16(A) (D)		16,295		16,295
Total Municipal Bonds
(Cost $254,180)				254,180
U.S. Treasury Obligation [3.2%]
U.S. Treasury Notes
0.084%, 04/05/16(A)		130,000		130,000
Total U.S. Treasury Obligation
(Cost $130,000)				130,000
Repurchase Agreements [11.4%]
Barclays (C)
0.300%, dated 03/31/16, repurchased on 04/01/16, repurchase price $3,000,025 (collateralized by various U.S. Government Agency obligations, par values ranging from $5,800 to $2,521,000, 0.300%, 01/31/17 to 08/15/43; with a total market value of $3,060,022)		3,000		3,000
Goldman Sachs (C)
0.290%, dated 03/31/16, repurchased on 04/01/16, repurchase price $48,000,387 (collateralized by a U.S. Government Agency obligation, par value $44,800,000, 5.355%, 11/24/17; with a total market value of $49,000,000)		48,000		48,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 3

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Government Money Market Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Wells Fargo (C)
0.320%, dated 03/31/16, repurchased on 04/01/16, repurchase price $410,003,644 (collateralized by various U.S. Government Agency obligations, par values ranging from $94,000 to $101,000,000, 0.00% to 4.000%, 05/30/16 to 12/01/45; with a total market value of $418,669,085)	$	410,000	$	410,000
Total Repurchase Agreements
(Cost $461,000)				461,000
Short-Term Investment [3.5%]
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.050%*		141,250,271		141,250
Total Short-Term Investment
(Cost $141,250)				141,250
Total Investments [100.0%]
(Cost $4,049,607)			$	4,049,607

Percentages are based on Net Assets of $4,048,713 (000).

* The rate reported is the 7-day effective yield as of March 31, 2016.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(B) Rate shown is the effective yield at time of purchase.

(C) Tri-Party Repurchase Agreement.

(D) Put and Demand Feature — The date reported is the next reset or put date.

ABAG — Association of Bay Area Governments

AMT — Alternative Minimum Tax (subject to)

DN — Discount Note

FAMC — Federal Agriculture Mortgage Corporation

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

RB — Revenue Bond

Ser — Series

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	3,063,177	$	—	$	3,063,177
Municipal Bonds		—		254,180		—		254,180
U.S. Treasury Obligation		—		130,000		—		130,000
Repurchase Agreements		—		461,000		—		461,000
Short-Term Investment		141,250		—		—		141,250
Total Investments in Securities	$	141,250	$	3,908,357	$	—	$	4,049,607

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 4

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Prime Money Market Fund

Description	Face Amount (000)		Value (000)
Commercial Paper [64.4%]
Banks [30.4%]
Bank of Nova Scotia (A) (B)
0.406%, 04/25/16	$	30,000	$	29,992
Bank of Tokyo-Mitsubishi UFJ NY (B)
0.360%, 04/05/16		35,000		34,999
Barclays Bank PLC (B)
0.701%, 05/26/16		35,000		34,963
Credit Agricole Corporate and Investment Bank (B)
0.521%, 04/20/16		10,000		9,997
Credit Suisse NY (B)
0.521%, 04/19/16		10,000		9,997
Macquarie Bank (A) (B)
0.651%, 06/07/16		30,000		29,964
Mizuho Bank (A) (B)
0.641%, 04/04/16		35,000		34,998
National Bank of Canada (A) (B)
0.713%, 05/31/16		30,000		29,964
Societe Generale (B)
0.521%, 04/20/16		10,000		9,997
Standard Chartered Bank (A) (B)
0.611%, 06/01/16		35,000		34,964
Sumitomo Mitsui Banking (A) (B)
0.651%, 04/06/16		35,000		34,997
Westpac Banking (A)
0.651%, 04/05/16		30,000		30,000
Total Banks				324,832
Financial Services [6.1%]
AllianceBernstein (A) (B)
0.570%, 04/15/16		20,000		19,996
AXA Financial (A) (B)
0.751%, 04/12/16		15,000		14,996
Toyota Motor Credit (B)
0.421%, 04/19/16		30,000		29,994
Total Financial Services				64,986
Food & Beverage [6.3%]
Anheuser-Busch InBev Worldwide (A) (B)
0.802%, 04/11/16		35,000		34,992
PepsiCo (A) (B)
0.320%, 05/04/16		32,000		31,991
Total Food & Beverage				66,983
Foreign Agency Obligation [2.3%]
Hydro-Quebec (A) (B)
0.380%, 04/13/16		25,000		24,997
Life & Health Insurance [6.5%]
MetLife Short Term Funding (A) (B)
0.551%, 06/21/16		35,000		34,957
UnitedHealth Group (A) (B)
0.761%, 04/11/16		35,000		34,992
Total Life & Health Insurance				69,949
Machinery [6.2%]
Caterpillar Financial Services (B)
0.450%, 06/01/16		32,000		31,975
John Deere Capital (A) (B)
0.420%, 04/19/16		34,000		33,993
Total Machinery				65,968
Oil & Gas [3.3%]
Total Capital Canada (A) (B)
0.611%, 06/21/16		35,000		34,952
University [3.3%]
University of California (B)
0.360%, 04/04/16		10,000		10,000
0.380%, 04/05/16		25,000		24,999
Total University				34,999
Total Commercial Paper
(Cost $687,666)				687,666

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 5

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Prime Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Certificates of Deposit [15.9%]
Banco Del Estado De Chile
0.640%, 07/14/16	$	35,000	$	35,000
Canadian Imperial Bank of Commerce
0.380%, 04/08/16		30,000		30,000
National Bank of Canada NY
0.648%, 04/13/16		5,000		5,000
Norinchukin Bank NY
0.580%, 04/15/16		35,000		35,000
US Bank
0.790%, 07/20/16		35,000		35,000
Wells Fargo Bank
0.775%, 04/03/16		30,000		30,000
Total Certificates of Deposit
(Cost $170,000)				170,000
U.S. Treasury Obligations [4.7%]
U.S. Treasury Note
0.375%, 04/30/16		30,000		29,998
0.500%, 06/30/16		20,000		20,008
Total U.S. Treasury Obligations
(Cost $50,006)				50,006
Corporate Bonds [1.1%]
Banks [0.7%]
Bank of Montreal, MTN
1.142%, 04/15/16(D)		2,100		2,102
Canadian Imperial Bank of Commerce
1.140%, 04/18/16(D)		3,600		3,603
Toronto-Dominion Bank, MTN
0.792%, 04/13/16(D)		1,500		1,500
Total Banks				7,205
Financial Services [0.4%]
General Electric Capital, MTN
0.821%, 05/11/16(D)		5,000		5,001
Total Corporate Bonds
(Cost $12,206)				12,206
Description	Face Amount (000)/Shares		Value (000)
Repurchase Agreements [13.0%]
Barclays (C)
0.300%, dated 03/31/16, repurchased on 04/01/16, repurchase price $22,000,183 (collateralized by various U.S. Treasury Notes, par values ranging from $2,734,500 to $18,800,000, 2.375% - 2.875%, 03/31/18 to 05/31/18; with a total market value of $22,448,011)	$	22,000	$	22,000
Goldman Sachs (C)
0.290%, dated 03/31/16, repurchased on 04/01/16, repurchase price $77,000,620 (collateralized by various U.S. Goverment Agency Obligations, par values ranging from $1,000 to $20,200,000, 1.000% - 4.875%, 08/26/16 to 07/15/36; with a total market value of $78,512,450)		77,000		77,000
Wells Fargo (C)
0.320%, dated 03/31/16, repurchased on 04/01/16, repurchase price $40,000,356 (collateralized by a U.S. Government Agency Obligation, par value$38,300,000, 4.000%, 01/01/46; with a total market value of $40,800,000)		40,000		40,000
Total Repurchase Agreements
(Cost $139,000)				139,000
Short-Term Investment [0.9%]
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.030%*		9,607,914		9,608
Total Short-Term Investment
(Cost $9,608)				9,608
Total Investments [100.0%]
(Cost $1,068,486)			$	1,068,486

Percentages are based on Net Assets of $1,068,212 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 6

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Prime Money Market Fund (concluded)

* The rate reported is the 7-day effective yield as of March 31, 2016.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $490,745 (000), representing 45.9% of the net assets of the Fund.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

(C) Tri-Party Repurchase Agreement.

(D) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

Cl — Class

MTN — Medium Term Note

NY — New York

PLC — Public Limited Company

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Commercial Paper	$	—	$	687,666	$	—	$	687,666
Certificates of Deposit		—		170,000		—		170,000
U.S. Treasury Obligations		—		50,006		—		50,006
Corporate Bonds		—		12,206		—		12,206
Repurchase Agreements		—		139,000		—		139,000
Short-Term Investment		9,608		—		—		9,608
Total Investments in Securities	$	9,608	$	1,058,878	$	—	$	1,068,486

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 7

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [81.9%]
California [79.0%]
Abag, Finance Authority for Nonprofit, Sharp Healthcare Project, Ser C, RB
0.390%, 04/06/16(A) (B) (C)	$	1,300	$	1,300
Bay Area Toll Authority, Ser A-2, RB
0.430%, 04/07/16(A) (B) (C)		6,000		6,000
Bay Area Toll Authority, Ser B-2, RB
0.390%, 04/07/16(A) (B) (C)		4,975		4,975
Bay Area Toll Authority, Ser C-1, RB
0.400%, 04/07/16(A) (B) (C)		6,700		6,700
Bay Area Toll Authority, Ser C-2, RB
0.400%, 04/07/16(A) (B) (C)		9,000		9,000
Bay Area Toll Authority, Ser E-1, RB
0.450%, 04/07/16(A) (B) (C)		1,900		1,900
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		1,225		1,225
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		950		950
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		1,315		1,315
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		650		650
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		565		565
Bay Area Toll Authority, Ser F, RB
Pre-Refunded @ 100
5.000%, 04/01/16(D)		175		175
California State, Economic Recovery Project, Ser A, GO
Pre-Refunded @ 100
5.000%, 07/01/16(D)		5,130		5,190
California State, Educational Facilities Authority, Stanford University Project, Ser L-4, RB
0.390%, 04/06/16(C)		3,175		3,175
California State, Educational Facilities Authority, Stanford University Project, Ser L-5, RB
0.390%, 04/06/16(A) (C)		100		100
California State, Educational Facilities Authority, Stanford University Project, Ser L-6, RB
0.390%, 04/06/16(A) (C)		400		400
California State, Educational Facilities Authority, Stanford University Project, Ser L-7, RB
0.390%, 04/06/16(A) (C)		1,200		1,200
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser A, RB
0.400%, 04/07/16(A) (B) (C)		8,600		8,600
California State, Health Facilities Financing Authority, Adventis Health System Project, Ser B, RB
0.340%, 04/01/16(A) (B) (C)		2,780		2,780
California State, Health Facilities Financing Authority, Catholic Health Care Project, Ser H, RB
0.380%, 04/06/16(A) (B) (C)		3,500		3,500

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 8

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Health Facilities Financing Authority, Catholic Healthcare Project, Ser H, RB
0.380%, 04/06/16(A) (B) (C)	$	11,000	$	11,000
California State, Health Facilities Financing Authority, Catholic Healthcare Project, Ser K, RB
0.410%, 04/06/16(A) (B) (C)		5,000		5,000
California State, Health Facilities Financing Authority, Health Facility Catholic Project, Ser I, RB
0.410%, 04/06/16(A) (B) (C)		100		100
California State, Health Facilities Financing Authority, Scripps Health Project, Ser A, RB
0.500%, 04/06/16(A) (B) (C)		200		200
California State, Health Facilities Financing Authority, Scripps Health Project, Ser B, RB
0.460%, 04/07/16(A) (B) (C)		600		600
California State, Health Facilities Financing Authority, St. Joseph Health System Project, Ser B, RB
0.370%, 04/01/16(A) (B) (C)		6,150		6,150
California State, Health Facilities Financing Authority, St. Joseph Health Systen Project, Ser C, RB
0.370%, 04/01/16(B) (C)		200		200
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser B-1, RB
0.380%, 04/06/16(A) (C)		10,000		10,000
California State, Infrastructure & Economic Development Bank, RB
0.440%, 04/07/16(A) (B) (C)		6,145		6,145
California State, Infrastructure & Economic Development Bank, Museum of Nautral History Foundation Project, Ser A, RB
0.290%, 04/01/16(A) (B) (C)		1,230		1,230
California State, Kindergarten Project, Ser A-1, GO
0.320%, 04/01/16(A) (B) (C)		1,500		1,500
California State, Kindergarten Project, Ser A-10, GO
0.390%, 04/07/16(A) (B) (C)		7,900		7,900
California State, Kindergarten Project, Ser A-2, GO
0.290%, 04/01/16(A) (B) (C)		10,745		10,745
California State, Kindergarten Project, Ser A-3, GO
0.340%, 04/01/16(A) (B) (C)		1,900		1,900
California State, Kindergarten Project, Ser A5, GO
0.320%, 04/01/16(A) (B) (C)		4,500		4,500
California State, Kindergarten Project, Ser A-6, GO
0.350%, 04/07/16(A) (B) (C)		600		600
California State, Kindergarten Project, Ser A-8, GO
0.390%, 04/07/16(A) (B) (C)		10,000		10,000
California State, Kindergarten Project, Ser B-1, GO
0.320%, 04/01/16(A) (B) (C)		300		300
California State, Kindergarten Project, Ser B-2, GO
0.290%, 04/01/16(A) (B) (C)		2,835		2,835
California State, Kindergarten Project, Ser B-4, GO
0.350%, 04/07/16(A) (B) (C)		900		900
California State, Kindergarten Project, Ser B-5, GO
0.360%, 04/07/16(A) (B) (C)		500		500
California State, Kindergarten Project, Ser B-6, GO
0.400%, 04/07/16(A) (B) (C)		500		500
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, RB
0.320%, 04/01/16(A) (C)		2,950		2,950
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, Ser B, RB
0.320%, 04/01/16(A) (C)		2,220		2,220
California State, Municipal Finance Authority, Chevron USA Recovery Zone Project, Ser B-5, RB
0.390%, 04/06/16(A) (B) (C)		21,000		21,000
California State, Municipal Finance Authority, RB
0.360%, 04/01/16(A) (C)		3,000		3,000
California State, Ser A-1, GO
0.340%, 04/01/16(A) (B) (C)		230		230

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 9

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Ser A-2, GO
0.320%, 04/01/16(A) (B) (C)	$	600	$	600
California State, Ser B-1, GO
0.530%, 04/06/16(A) (B) (C)		2,200		2,200
California State, Ser B-1, GO
0.360%, 04/06/16(A) (B) (C)		25,000		25,000
California State, Ser B-4, GO
0.370%, 04/06/16(A) (B) (C)		1,500		1,500
California State, Ser B-7, GO
0.320%, 04/01/16(A) (B) (C)		100		100
California State, Ser C-1, GO
0.360%, 04/07/16(A) (B) (C)		350		350
California Statewide, Communities Development Authority, John Muir Health Project, Ser A, RB
0.340%, 04/01/16(A) (B) (C)		2,875		2,875
California Statewide, Communities Development Authority, John Muir Health Project, Ser C, RB
0.360%, 04/01/16(A) (B) (C)		700		700
California Statewide, Communities Development Authority, Ser A, RB
0.400%, 04/06/16(A) (B) (C)		100		100
California Statewide, Communities Development Authority, Ser A, RB, AMT
0.380%, 04/06/16(A) (B) (C)		535		535
Central Basin Municipal Water District, Ser B, COP
0.400%, 04/06/16(A) (B) (C)		650		650
Chino Basin Regional Financing Authority, RB
0.410%, 04/06/16(A) (B) (C)		3,000		3,000
City & County of San Francisco California, Ser B, GO
5.000%, 06/15/16		525		530
Coast Community College District, Ser B, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/21(D)		350		356
Coast Community College District, Ser C, GO, AGM
Pre-Refunded @ 38
0.404%, 08/01/34(D) (F)		1,000		377
Contra County, Housing & Finance Authority, Multi-Family Housing Project, Ser B, RB, FNMA
0.380%, 04/06/16(A) (C)		9,900		9,900
County of Orange California Airport Revenue, Ser B, RB
5.000%, 07/01/16		1,025		1,037
County of Santa Cruz California, GO
2.000%, 06/30/16		5,000		5,021
County of Ventura California, GO
2.000%, 07/01/16		15,000		15,064
East Bay Municipal Utility District Wastewater System Revenue, Ser A, RB
4.000%, 06/01/16		200		201
East Bay, Municipal Utility District Water System Revenue, GO
0.080%, 04/06/16		5,000		5,000
East Bay, Municipal Utility District Water System Revenue, Ser A-2, RB
0.390%, 04/06/16(A) (C)		2,990		2,990
East Bay, Municipal Utility District Water System Revenue, Ser B, RB
5.000%, 06/01/16		260		262
East Bay, Municipal Utility District Water System Revenue, Sub-Ser A-4-RMKT, RB
0.350%, 04/06/16(A) (C)		8,700		8,700
East Bay, Municipal Utility District, Ser A-1, RB
0.350%, 04/06/16(A) (C)		3,500		3,500
East Bay, Municipal Utility District, Ser A-3, RB
0.390%, 04/06/16(A) (C)		150		150
Eastern Municipal Water District, Ser C, COP
0.380%, 04/06/16(A) (C)		8,475		8,475
Elsinore Valley, Municipal Water District, Ser A, COP
0.390%, 04/06/16(A) (B) (C)		3,040		3,040
Elsinore Valley, Municipal Water District, Ser B, COP
0.390%, 04/06/16(A) (B) (C)		9,000		9,000
Hayward, Unified School District, GO
Pre-Refunded @ 100
5.000%, 08/01/33(D)		320		325
Irvine Ranch, Water District, SAB
0.390%, 04/07/16(A) (B) (C)		5,200		5,200

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 10

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Irvine Ranch, Water District, Ser A, SAB
0.340%, 04/01/16(A) (B) (C)	$	1,735	$	1,735
Irvine Ranch, Water District, Ser B, SAB
0.010%, 04/01/16(A) (B) (C)		9,145		9,145
Irvine, Unified School District, Ser 2014-A, SPL Tax
0.340%, 04/01/16(A) (B) (C)		2,100		2,100
Irvine, Unified School District, Ser 2014-C, SPL Tax
0.340%, 04/01/16(A) (B) (C)		5,500		5,500
Irvine, Unified School District, Ser B, SPL Tax
0.410%, 04/06/16(A) (B) (C)		9,220		9,220
JPMorgan Chase Putters, Ser 2015-ZF0159, GO
0.450%, 04/07/16(C) (E) (G)		7,500		7,500
JPMorgan Chase Putters, Ser 2015-ZF0179, GO
0.450%, 04/07/16(C) (E) (G)		3,050		3,050
JPMorgan Chase Putters, Ser 2015-ZF0181, RB
0.450%, 04/07/16(C) (E) (G)		6,750		6,750
JPMorgan Chase Putters, Ser 2015-ZF0182, RB
0.450%, 04/07/16(C) (E) (G)		3,000		3,000
JPMorgan Chase Putters, Ser 2015-ZF0188, RB
0.450%, 04/07/16(C) (E) (G)		1,385		1,385
JPMorgan Chase Putters, Ser 2015-ZF0243, RB
0.450%, 04/07/16(C) (E) (G)		2,920		2,920
JPMorgan Chase Putters, Ser 2015-ZF0250, GO
0.450%, 04/07/16(C) (E) (G)		5,410		5,410
JPMorgan Chase Putters, Ser 3365, RB
0.450%, 04/07/16(C) (E) (G)		7,730		7,730
JPMorgan Chase Putters, Ser 3962, RB
0.450%, 04/07/16(C) (E) (G)		4,345		4,345
JPMorgan Chase Putters, Ser 3969, RB
0.450%, 04/07/16(C) (E) (G)		5,000		5,000
JPMorgan Chase Putters, Ser ZF0190, RB
0.450%, 04/07/16(C) (E) (G)		1,835		1,835
Livermore, Ser A, COP
0.400%, 04/07/16(A) (B) (C) (G)		2,900		2,900
Livermore, Ser B, COP
0.400%, 04/07/16(A) (B) (C) (G)		6,095		6,095
Los Angeles California, GO
2.000%, 06/30/16		500		502
Los Angeles County Metropolitan Transportation Authority, RB
2.500%, 07/01/16		250		251
Los Angeles County, RB, TRAN
5.000%, 06/30/16		10,075		10,191
Los Angeles Department of Water & Power, Ser A, RB
2.000%, 07/01/16		900		904
Los Angeles Department of Water & Power, Sub-Ser A-4-REMK, RB
0.350%, 04/01/16(A) (C)		6,100		6,100
Los Angeles Unified School District, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/16(D)		900		910
Los Angeles Unified School District, Ser A, GO, NATL
Pre-Refunded @ 100
5.000%, 07/01/16(D)		200		202
Los Angeles Unified School District, Ser F, GO, FGIC
Pre-Refunded @ 100
5.000%, 07/01/16(D)		1,000		1,012
Los Angeles Unified School District, Ser G, GO, AMBAC
Pre-Refunded @ 100
5.000%, 07/01/16(D)		300		303
Los Angeles, Department of Water & Power, Ser B-5, RB
0.100%, 04/07/16(A) (C)		100		100
Los Angeles, Department of Water & Power, Sub-Ser A-1, RB
0.310%, 04/01/16(A) (C)		4,500		4,500
Los Angeles, Department of Water & Power, Sub-Ser B-4, RB
0.400%, 04/07/16(A) (C)		6,400		6,400
Los Angeles, Unified School District, Ser A, GO, NATL
Pre-Refunded @ 100
5.000%, 07/01/18(D)		840		850
Los Angeles, Unified School District, Ser F, GO, FGIC
Pre-Refunded @ 100
5.000%, 07/01/16(D)		100		101

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 11

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Los Angeles, Unified School District, Ser F, GO, FGIC
Pre-Refunded @ 100
5.000%, 07/01/30(D)	$	2,475	$	2,504
Los Angeles, Unified School District, Ser S, GO, FGIC
Pre-Refunded @ 100
5.000%, 07/01/18(D)		100		101
Los Angeles, Wastewater System Revenue, Ser B, RB
4.000%, 06/01/16		2,975		2,994
Los Angeles, Water & Power Resource Authority, Sub-Ser B-3, RB
0.320%, 04/01/16(A) (C)		3,700		3,700
Metropolitan Water District of Southern California, Ser A-1, RB
0.600%, 04/07/16(A) (C)		12,500		12,500
Metropolitan Water District of Southern California, Ser A-2, RB
0.600%, 04/07/16(A) (C)		7,500		7,500
Metropolitan Water District of Southern California, Ser A-2, RB
0.390%, 04/07/16(A) (C)		3,500		3,500
Metropolitan Water District of Southern California, Ser A-3, RB
0.600%, 04/07/16(A) (C)		6,000		6,000
Metropolitan Water District of Southern California, Ser B, RB
5.000%, 07/01/16		250		253
Metropolitan Water District of Southern California, Ser B, RB
5.000%, 07/01/16		145		147
Metropolitan Water District of Southern California, Ser B, RB
4.000%, 07/01/16		670		676
Metropolitan Water District of Southern California, Ser B, RB
4.000%, 07/01/16		200		202
Metropolitan Water District of Southern California, Ser B, RB
4.000%, 07/01/16		175		176
Metropolitan Water District of Southern California, Ser C, RB
5.000%, 07/01/16		125		126
Metropolitan Water District of Southern California, Ser C, RB
5.000%, 07/01/16		275		278
Metropolitan Water District of Southern California, Ser D, RB
0.390%, 04/07/16(A) (C)		1,200		1,200
Modesto, Water Revenue, Ser A, COP, AGC
0.480%, 04/07/16(A) (B) (C)		200		200
Monrovia, Unified School District, Ser A, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/31(D)		675		686
Monterey Peninsula, Water Management District, COP
0.520%, 04/07/16(A) (B) (C)		5,467		5,467
Orange County, Fire Authority, GO
2.000%, 06/30/16		7,000		7,029
Orange County, Municipal Improvement Authority, SAB
0.490%, 04/06/16(A) (B) (C)		7,213		7,213
Orange County, Water District Authority, Ser A, COP
0.390%, 04/06/16(A) (B) (C)		25,050		25,050
Port of Los Angeles, Ser A, RB
2.000%, 08/01/16		2,505		2,520
Redondo Beach, Unified School District, Ser A, GO
Pre-Refunded @ 102
5.125%, 08/01/37(D)		150		155
Riverside County, RB, TRAN
2.000%, 06/30/16		6,000		6,025
Sacramento County, Sanitation Districts Financing Authority, RB, NATL
Pre-Refunded @ 100
5.000%, 12/01/19(D)		1,100		1,109
Sacramento County, Sanitation Districts Financing Authority, RB, NATL
Pre-Refunded @ 100
5.000%, 12/01/29(D)		1,215		1,225
Sacramento, Municipal Utility District, Ser L, RB
0.400%, 04/07/16(A) (B) (C)		2,685		2,685

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 12

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
San Bernardino County, Ser A, GO
2.000%, 06/30/16	$	7,000	$	7,030
San Bernardino, Community College District, Ser C, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/27(D)		125		127
San Diego County, Regional Transportation Commission, Ser A, RB
5.000%, 04/01/16		1,000		1,000
San Diego County, Regional Transportation Commission, Ser B, RB
0.380%, 04/07/16(A) (C)		480		480
San Diego County, Regional Transportation Commission, Ser C, RB
0.460%, 04/07/16(A) (C)		100		100
San Diego County, Regional Transportation Commission, Ser D, RB
0.400%, 04/07/16(A) (C)		12,540		12,540
San Diego County, Unified School District, RAN, TRAN
2.000%, 06/30/16		1,500		1,507
San Francisco City & County, Airports Comm-San Francisco International Airport, Ser 36B, RB
0.350%, 04/06/16(A) (B) (C)		600		600
San Francisco City & County, Airports Comm-San Francisco International Airport, Ser 37C-RMKT, RB
0.390%, 04/06/16(A) (B) (C)		17,000		17,000
San Francisco City & County, RB
0.380%, 04/06/16(A) (C)		2,590		2,590
San Francisco City & County, Redevelopment Agency, Ser C, RB, AMT
0.450%, 04/06/16(A) (B) (C)		700		700
San Francisco City & County, Ser B, RB, AMT
0.450%, 04/07/16(A) (B) (C)		3,475		3,475
San Francisco Community College District, Ser C, GO, AGM
Pre-Refunded @ 100
5.000%, 06/15/16(D)		145		146
San Francisco Unified School District, GO
5.000%, 08/31/16		8,000		8,160
San Francisco Unified School District, Ser A, GO
3.000%, 06/15/16		5,400		5,431
San Francisco, Public Utilities Commission Water Revenue, Ser A, RB, AGM
Pre-Refunded @ 100
4.750%, 05/01/16(D)		12,675		12,721
San Francisco, Public Utilities Commission Water Revenue, Ser A, RB, AGM
Pre-Refunded @ 100
4.500%, 05/01/16(D)		235		236
San Francisco, Public Utilities Commission Water Revenue, Ser A, RB, AGM
Pre-Refunded @ 100
5.000%, 05/01/16(D)		150		151
San Francisco, Public Utilities Commission Water Revenue, Ser A, RB, AGM
Pre-Refunded @ 100
5.000%, 05/01/16(D)		425		427
San Jose, Unified School District, Ser C, GO, NATL
Pre-Refunded @ 100
5.250%, 08/01/16(D)		600		610
San Mateo, Joint Powers Financing Authority, Public Safety Project, Ser A, RB
0.420%, 04/07/16(A) (B) (C)		5,000		5,000
San Ramon Valley, Unified School District, GO, NATL
Pre-Refunded @ 100
5.000%, 08/01/16(D)		100		102
Santa Clara Valley, Transportation Authority, Ser A, RB
0.380%, 04/07/16(A) (C)		7,600		7,600
Santa Clara Valley, Transportation Authority, Ser C, RB
0.500%, 04/07/16(A) (C)		540		540
Santa Clara Valley, Transportation Authority, Ser C, RB
0.460%, 04/07/16(A) (C)		7,300		7,300
Santa Clara Valley, Transportation Authority, Ser D, RB
0.490%, 04/07/16(A) (C)		10,000		10,000

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 13

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
South San Francisco Unified School District, Ser C, GO, ETM
0.410%, 06/01/16(F)	$	300	$	300
Southern California, Metropolitan Water District, Ser B-3, RB
0.340%, 04/01/16(A) (C)		3,450		3,450
Southern California, Public Power Authority, RB
5.000%, 07/01/16		550		556
Southern California, Public Power Authority, Magnolia Power Project, Ser A-1, RB
0.400%, 04/06/16(A) (B) (C)		5,045		5,045
State of California Department of Water Resources Power Supply Revenue, Ser L, RB
5.000%, 05/01/16		1,600		1,606
State of California Department of Water Resources Power Supply Revenue, Ser M, RB
5.000%, 05/01/16		965		969
State of California, Ser A, GO, ETM
5.000%, 07/01/16		1,060		1,072
Tamalpais Unified High School District, GO, NATL
Pre-Refunded @ 100
5.000%, 08/01/16(D)		450		457
University of California, Regents Medical Center, Ser B-1, RB
0.310%, 04/01/16(A) (C)		1,375		1,375
University of California, Ser AB, RB
5.000%, 05/15/16		300		302
University of California, Ser AF, RB
5.000%, 05/15/16		1,000		1,006
University of California, Ser D, RB, FGIC
Pre-Refunded @ 101
5.000%, 05/15/37(D)		1,000		1,016
University of California, Ser D, RB, NATL
Pre-Refunded @ 101
5.000%, 05/15/19(D)		460		467
University of California, Ser D, RB, NATL
Pre-Refunded @ 101
5.000%, 05/15/16(D)		1,025		1,041
University of California, Ser D, RB, NATL
Pre-Refunded @ 101
5.000%, 05/15/16(D)		200		203
University of California, Ser L, RB
Pre-Refunded @ 101
5.000%, 05/15/16(D)		250		254
University of California, Ser Z-1, RB
0.370%, 04/07/16(A) (C)		25,875		25,875
Ventura County, Public Financing Authority, Ser 2015-ZF2065, RB
0.460%, 04/07/16(A) (C) (E)		5,630		5,630
Ventura County, Public Financing Authority, Ser 2015-ZF2066, RB
0.460%, 04/07/16(A) (C) (E)		5,685		5,685
West Covina, Public Financing Authority, Golf Course Project, Ser B, RB
0.380%, 04/06/16(A) (B) (C)		800		800
West Covina, Public Financing Authority, Ser A, RB
0.380%, 04/06/16(A) (B) (C)		300		300
West Valley-Mission Community College District, Ser A, GO, AGM
Pre-Refunded @ 100
5.000%, 08/01/16(D)		1,265		1,285
Total California				672,077
Connecticut [0.0%]
Hartford City, GO, AMBAC
Pre-Refunded @ 100
5.000%, 07/15/16(D)		100		101
New York [1.0%]
New York City, Water & Sewer System, RB
0.360%, 04/01/16(A) (C)		1,855		1,855
New York State, Dormitory Authority, Ser D, RB
Pre-Refunded @ 100
5.000%, 03/15/19(D)		100		102
New York State, Housing Finance Agency, Ser B, RB
0.450%, 04/06/16(A) (B) (C)		7,000		7,000
Total New York				8,957

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 14

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (continued)

Description	Face Amount (000)		Value (000)
Texas [0.1%]
JPMorgan Chase Putters, Ser 2016-ZF0282, RB
0.440%, 04/07/16(A) (C) (E) (G)	$	600	$	600
Washington [0.7%]
Washington State, Housing Finance Commission, Eagles Lending Apartments Project, Ser A, RB, FNMA, AMT
0.410%, 04/07/16(A) (C)		6,365		6,365
Wyoming [1.1%]
Wyoming Community Development Authority, Ser 11, RB, AMT
0.450%, 04/07/16(A) (C)		6,000		6,000
Wyoming Community Development Authority, Ser 6, RB, AMT
0.450%, 04/07/16(A) (C)		3,000		3,000
Total Wyoming				9,000
Total Municipal Bonds
(Cost $697,100)				697,100
Commercial Paper [16.4%]
California [2.7%]
California State, Health Facilities Financing Authority, Stanford Hospital Project, Ser B-2, RB
0.100%, 05/04/16(C)		18,550		18,550
East Bay Municipal Utility District, Ser A-1, GO
0.100%, 05/03/16		4,000		4,000
Total California				22,550
California [13.7%]
California State, Educational Facilities Authority
0.480%, 05/05/16		25,000		25,000
City & County of San Francisco
0.550%, 05/12/16		11,088		11,088
East Bay Municipal Utility District, Ser A-2
0.050%, 05/03/16		5,000		5,000
Los Angeles County Capital Asset Leasing
0.400%, 04/13/16		3,150		3,150
Municipal Improvement Corp of Los Angeles
0.030%, 04/04/16		3,000		3,000
0.030%, 04/05/16		5,000		5,000
Public Utilities Commission of the City and County of San Francisco
0.070%, 05/12/16		15,000		15,000
Sacramento, Municipal Utility District
0.050%, 05/04/16		5,000		5,000
San Diego County, Water Authority
0.030%, 04/06/16		15,000		15,000
State of California
0.430%, 05/09/16		5,000		5,000
0.430%, 05/10/16		8,000		8,000
0.040%, 04/04/16		5,575		5,575
0.040%, 04/05/16		11,000		11,000
Total California				116,813
Total Commercial Paper
(Cost $139,363)				139,363
Total Investments [98.3%]
(Cost $836,463)			$	836,463

Percentages are based on Net Assets of $850,523 (000).

(A) Put and Demand Feature — The date reported is the next reset or put date.

(B) Securities are held in conjunction with a letter of credit from a major bank or financial institution.

(C) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(E) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $60,840 (000), representing 7.2% of the net assets of the Fund.

(F) Zero coupon security. The rate reported is the effective yield at time of purchase.

(G) Represents an investment in a tender option bond residual interest certificate purchased in a secondary market transaction. The interest rate shown bears an inverse relationship to the interest rate on a tender option bond floating rate certificate. The interest rate disclosed reflects the rate in effect on March 31, 2016.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 15

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Money Market Fund (concluded)

AGC — American General Contractors

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

AMT — Alternative Minimum Tax (subject to)

Cl — Class

COP — Certificate of Participation

ETM — Escrowed to Maturity

FGIC — Financial Guaranty Insurance Company

FNMA — Federal National Mortgage Association

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

RAN — Revenue Anticipation Note

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TRAN — Tax and Revenue Anticipation Note

As of March 31, 2016, all of the Fund’s investments are Level 2 in accordance with authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 16

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Government Bond Fund

Description	Face Amount (000)		Value (000)
U.S. Government Agency Obligations [45.9%]
FFCB
0.619%, 04/26/16(A)	$	5,000	$	5,002
FHLB
2.375%, 06/10/22		3,000		3,131
FHLMC
1.250%, 05/12/17		2,350		2,365
1.000%, 09/29/17		4,130		4,145
FNMA
5.000%, 02/13/17		5,180		5,374
2.430%, 10/09/19		5,805		5,515
1.875%, 02/19/19		445		457
1.750%, 06/20/19		4,525		4,626
1.625%, 11/27/18		5,000		5,099
1.625%, 01/21/20		5,000		5,086
1.500%, 11/30/20		5,000		5,050
0.875%, 02/08/18		5,500		5,513
0.875%, 05/21/18		4,500		4,506
0.452%, 07/20/17(A)		4,455		4,449
Tennessee Valley Authority, Ser E
6.250%, 12/15/17		8,000		8,718
Total U.S. Government Agency Obligations
(Cost $68,298)				69,036
U.S. Treasury Obligations [37.7%]
U.S. Treasury Bonds
2.195%, 11/15/21(B)		6,100		5,644
U.S. Treasury Notes
3.250%, 03/31/17		2,000		2,052
3.000%, 02/28/17		2,415		2,467
2.875%, 03/31/18		5,000		5,209
2.750%, 02/28/18		5,000		5,191
2.000%, 11/30/20		5,000		5,179
1.750%, 10/31/18		3,500		3,584
1.625%, 06/30/20		2,800		2,856
1.500%, 12/31/18		4,550		4,632
1.375%, 06/30/18		3,400		3,445
1.375%, 09/30/18		5,000		5,071
1.375%, 04/30/20		3,500		3,536
1.125%, 12/31/19		4,700		4,714
United States Treasury Inflation Indexed Bonds
0.125%, 04/15/20		2,924		2,985
Total U.S. Treasury Obligations
(Cost $55,698)				56,565
U.S. Government Mortgage-Backed Obligations [13.4%]
FNMA, Pool AS4877
3.000%, 04/01/30		2,969		3,103
FHLMC, Pool G15696
3.000%, 12/01/30		2,958		3,097
FHLMC, Ser 2011-3874, Cl JA, Pool FHR
3.000%, 04/15/25		2,030		2,072
FNMA, Ser 2015-93, Cl AD, Pool FNR
2.000%, 11/25/30		2,402		2,437
FHLMC REMIC, Ser 2011-3877, Cl ND
3.000%, 02/15/25		780		793
FNMA, Pool FN0004
3.619%, 12/01/20		4,914		5,312
FNMA, Ser 2010-123, Cl HA
2.500%, 03/25/24		2,590		2,621
FNMA ARM, Pool 766620
2.284%, 01/01/15(A)		140		145
FNMA REMIC, Ser 2011-144, Cl CE
1.250%, 06/25/35		134		134
GNMA, Pool 329656
8.000%, 08/15/22		4		4
GNMA, Pool 376533
7.500%, 06/15/24		1		1
GNMA, Pool 398660
7.500%, 05/15/26		1		1
GNMA, Pool 497411
6.000%, 01/15/29		4		5
GNMA, Pool 584992
7.500%, 04/15/32		27		29
GNMA ARM, Pool G2 81318
1.750%, 04/01/15(A)		204		212
GNMA ARM, Pool G2 81447
1.875%, 04/01/15(A)		40		42
Total U.S. Government Mortgage-Backed Obligations
(Cost $19,901)				20,008

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 17

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Government Bond Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Municipal Bond [0.2%]
California [0.2%]
Southern California Public Power Authority, Sub-Ser B, AGM
6.930%, 05/15/17	$	300	$	320
Total Municipal Bond
(Cost $320)				320
Short-Term Investments [2.5%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%*‡		1,844,995		1,845
SEI Daily Income Trust Government Fund, Cl A, 0.120%*		1,844,979		1,845
Total Short-Term Investments
(Cost $3,690)				3,690
Total Investments [99.7%]
(Cost $147,907)			$	149,619

Percentages are based on Net Assets of $150,014 (000).

* The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(B) Zero coupon security. The rate reported is the effective yield at time of purchase.

AGM — Assured Guaranty Municipal

ARM — Adjustable Rate Mortgage

Cl — Class

FFCB — Federal Farm Credit Bank

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	69,036	$	—	$	69,036
U.S. Treasury Obligations		—		56,565		—		56,565
U.S. Government Mortgage-Backed Obligations		—		20,008		—		20,008
Municipal Bond		—		320		—		320
Short-Term Investments		3,690		—		—		3,690
Total Investments in Securities	$	3,690	$	145,929	$	—	$	149,619

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 18

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Corporate Bond Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [88.9%]
Auto-Med and Heavy Duty Trks [0.8%]
PACCAR Financial, MTN
1.750%, 08/14/18	$	1,000	$	1,005
Banks [13.5%]
Bank of America, MTN
6.400%, 08/28/17		400		425
Bank of Nova Scotia
2.450%, 03/22/21		2,500		2,518
Barclays Bank, MTN
2.060%, 04/10/16(A)		1,950		1,932
Capital One
2.350%, 08/17/18		500		503
Commonwealth Bank of Australia NY, MTN
2.550%, 03/15/21		2,500		2,528
JPMorgan Chase
6.300%, 04/23/19		2,000		2,262
6.000%, 01/15/18		405		436
National Australia Bank, MTN
2.750%, 03/09/17		480		487
Nordea Bank
2.375%, 04/04/19(B)		1,000		1,018
Standard Chartered, MTN
1.700%, 04/17/18(B)		3,000		2,952
Wells Fargo Bank
5.750%, 05/16/16		2,400		2,413
Total Banks				17,474
Broadcasting & Cable [1.2%]
CBS
4.300%, 02/15/21		1,400		1,515
Computer System Design & Services [3.1%]
Apple
2.850%, 02/23/23		1,000		1,037
Hewlett Packard Enterprise
2.353%, 04/05/16(A) (B)		3,000		3,005
Total Computer System Design & Services				4,042
Computers-Memory Devices [0.8%]
NetApp
2.000%, 12/15/17		1,000		998
Diagnostic Equipment [0.5%]
Danaher
1.650%, 09/15/18		700		710
Diversified Minerals [0.9%]
Teck Resources
3.150%, 01/15/17		1,250		1,200
Diversified Operations [2.7%]
Glencore Funding
1.700%, 05/27/16(B)		1,500		1,495
Siemens Financieringsmaatschappij
5.750%, 10/17/16(B)		2,000		2,053
Total Diversified Operations				3,548
Drugs [0.8%]
AbbVie
2.500%, 05/14/20		1,000		1,018
Electric Utilities [2.6%]
American Electric Power
1.650%, 12/15/17		1,000		994
Commonwealth Edison
6.950%, 07/15/18		1,000		1,108
Exelon Generation
6.200%, 10/01/17		1,200		1,276
Total Electric Utilities				3,378
Financial Services [17.4%]
American Honda Finance
1.600%, 02/16/18(B)		1,900		1,911

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 19

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Daimler Finance North America
2.250%, 07/31/19(B)	$	2,900	$	2,941
Ford Motor Credit
2.551%, 10/05/18		2,000		2,007
2.375%, 01/16/18		1,000		1,002
GE Capital International Funding, MTN
0.964%, 04/15/16(B)		2,913		2,913
Harley Davidson Funding
6.800%, 06/15/18(B)		2,500		2,761
Nissan Motor Acceptance, MTN
1.950%, 09/12/17(B)		1,000		1,004
Toyota Motor Credit, MTN
2.050%, 01/12/17		4,000		4,043
VW Credit, MTN
1.875%, 10/13/16		3,000		3,000
Western Union
5.930%, 10/01/16		1,000		1,022
Total Financial Services				22,604
Food, Beverage & Tobacco [2.3%]
Anheuser-Busch InBev Finance
1.879%, 05/02/16(A)		2,000		2,035
Kraft Heinz Foods
2.000%, 07/02/18(B)		1,000		1,009
Total Food, Beverage & Tobacco				3,044
Food-Confectionery [0.2%]
JM Smucker
2.500%, 03/15/20		250		253
Insurance [2.5%]
Berkshire Hathaway
2.100%, 08/14/19		2,000		2,038
Genworth Holdings
7.700%, 06/15/20		1,400		1,236
Total Insurance				3,274
Investment Banker/Broker Dealer [8.4%]
Deutsche Bank
1.400%, 02/13/17		2,500		2,490
Goldman Sachs Group
5.625%, 01/15/17		1,700		1,754
2.625%, 01/31/19		500		510
Jefferies Group
5.125%, 01/20/23		1,300		1,305
Macquarie Group
6.000%, 01/14/20(B)		2,000		2,204
Morgan Stanley
3.750%, 02/25/23		2,000		2,084
Morgan Stanley, MTN
5.950%, 12/28/17		465		498
Total Investment Banker/Broker Dealer				10,845
Medical Labs and Testing Srv [1.2%]
Laboratory Corp of America Holdings
2.625%, 02/01/20		1,500		1,506
Medical-HMO [1.2%]
UnitedHealth Group
1.625%, 03/15/19		1,500		1,511
Multi-line Insurance [2.1%]
MetLife
4.750%, 02/08/21		2,400		2,667
Petroleum & Fuel Products [6.1%]
Kinder Morgan Energy Partners
6.000%, 02/01/17		1,000		1,030
Korea National Oil, MTN
2.750%, 01/23/19(B)		1,500		1,535
Sunoco Logistics Partners Operations
4.650%, 02/15/22		1,300		1,260
Total Capital International
2.875%, 02/17/22		4,000		4,105
Total Petroleum & Fuel Products				7,930
Real Estate Investment Trusts [5.2%]
American Tower
7.250%, 05/15/19		1,200		1,370
HCP
5.625%, 05/01/17		1,000		1,037
Kimco Realty
6.875%, 10/01/19		1,080		1,243
Simon Property Group
2.500%, 09/01/20		2,000		2,037
Welltower
4.700%, 09/15/17		1,000		1,039
Total Real Estate Investment Trusts				6,726

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 20

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Corporate Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Regional Authority [1.7%]
Province of Ontario Canada
4.400%, 04/14/20	$	2,000	$	2,217
Retail [3.6%]
AutoZone
4.000%, 11/15/20		1,400		1,493
Lowe’s
6.100%, 09/15/17		3,000		3,216
Total Retail				4,709
Security Brokers & Dealers [4.0%]
Bank of America, MTN
1.482%, 04/01/19(A)		2,600		2,575
HSBC Holdings
3.400%, 03/08/21		2,500		2,551
Total Security Brokers & Dealers				5,126
Telephones & Telecommunications [4.6%]
America Movil
5.000%, 03/30/20		2,600		2,877
AT&T
3.600%, 02/17/23		2,000		2,078
Telefonica Emisiones SAU
6.421%, 06/20/16		1,000		1,010
Total Telephones & Telecommunications				5,965
Trucking & Leasing [1.5%]
Penske Truck Leasing
4.875%, 07/11/22(B)		1,100		1,175
3.750%, 05/11/17(B)		750		762
Total Trucking & Leasing				1,937
Total Corporate Bonds
(Cost $114,390)				115,202
Municipal Bonds [5.4%]
California [1.2%]
State of California, GO
6.200%, 03/01/19		1,300		1,469
Florida [3.2%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		4,130		4,178
Description	Face Amount (000)/Shares		Value (000)
New York [1.0%]
New York State Urban Development, RB
2.790%, 03/15/21	$	1,205	$	1,258
Total Municipal Bonds
(Cost $6,826)				6,905
Closed-End Fund [2.5%]
Stone Ridge Reinsurance Risk Premium Interval Fund(C)		318,927		3,272
Total Closed-End Fund
(Cost $3,250)				3,272
Asset-Backed Security [2.3%]
Nissan Auto Lease Trust 2015-A, Ser 2015-A, Cl A3
1.400%, 06/15/18		3,000		3,006
Total Asset-Backed Security
(Cost $3,000)				3,006
U.S. Government Mortgage-Backed Obligation [0.0%]
FNMA REMIC, Ser 2002-56, Cl MC
5.500%, 09/25/17		13		13
Total U.S. Government Mortgage-Backed Obligation
(Cost $13)				13
Short-Term Investments [0.3%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%* ‡		296,830		297
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.290%*		78,288		78
Total Short-Term Investments
(Cost $375)				375
Total Investments [99.4%]
(Cost $127,854)			$	128,773

Percentages are based on Net Assets of $129,609 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 21

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Corporate Bond Fund (concluded)

* The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $28,738 (000), representing 22.2% of the net assets of the Fund.

(C) Security is considered illiquid. The total value of such security as of March 31, 2016, was $3,272 (000) and represented 2.5% of the net assets of the Fund.

Cl — Class

FNMA — Federal National Mortgage Association

GO — General Obligation

MTN — Medium Term Note

NY — New York

RB — Revenue Bond

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	115,202	$	—	$	115,202
Municipal Bonds		—		6,905		—		6,905
Closed-End Fund		3,272		—		—		3,272
Asset-Backed Security		—		3,006		—		3,006
U.S. Government Mortgage-Backed Obligation		—		13		—		13
Short-Term Investments		375		—		—		375
Total Investments in Securities	$	3,647	$	125,126	$	—	$	128,773

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 22

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [95.3%]
Alabama [0.3%]
Industrial Development Board of the Mobile Alabama, RB
1.625%, 07/15/16(A)	$	250	$	252
California [92.5%]
Abag, Finance Authority for Nonprofit, Sharp Healthcare, Ser A, RB
Callable 08/01/21 @ 100
6.000%, 08/01/30(B)		1,000		1,219
Bay Area Toll Authority, Ser C, RB
Callable 10/01/18 @ 100
1.875%, 04/01/16(A) (B)		1,200		1,224
Bay Area Toll Authority, Ser D, RB
Callable 10/01/19 @ 100
1.875%, 04/01/34(A) (B)		750		770
Brea, Redevelopment Agency Successor, Redevelopment Project AB, SPL Tax
Callable 08/01/23 @ 100
5.000%, 08/01/25(B)		500		600
Brea, Redevelopment Agency Successor, Redevelopment Project AB, TA
5.000%, 08/01/20		500		580
California State University, Ser A
Callable 05/01/26 @ 100
5.000%, 11/01/27(B)		240		303
California State, Department of Water Resources, Ser F-3, RB
Callable 05/01/18 @ 100
4.375%, 05/01/20(B)		200		215
California State, Educational Facilities Authority, Chapman University, RB
Callable 04/01/25 @ 100
5.000%, 04/01/26(B)		100		124
California State, Educational Facilities Authority, Chapman University, RB
Callable 04/01/25 @ 100
5.000%, 04/01/27(B)		100		122
California State, GO
4.000%, 03/01/18		1,000		1,062
California State, GO
4.000%, 02/01/19		1,000		1,088
California State, GO
5.000%, 11/01/19		1,000		1,142
California State, GO
5.000%, 09/01/20		1,000		1,170
California State, GO
5.000%, 09/01/21		1,200		1,435
California State, GO
5.000%, 12/01/21		1,000		1,203
California State, GO
5.250%, 09/01/22		1,000		1,236
California State, GO
Callable 11/01/20 @ 100
5.000%, 11/01/22(B)		1,025		1,204
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/26(B)		1,000		1,232
California State, GO
Callable 11/01/23 @ 100
5.000%, 11/01/27(B)		500		613
California State, GO
Callable 09/01/26 @ 100
4.000%, 09/01/28(B)		1,000		1,153
California State, GO
Callable 06/01/19 @ 100
3.000%, 12/01/32(A) (B)		1,000		1,062
California State, GO
Callable 06/01/18 @ 100
1.136%, 04/01/16(A) (B)		1,000		1,002
California State, GO
Callable 04/01/18 @ 100
5.125%, 04/01/33(B)		1,050		1,134

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 23

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Health Facilities Financing Authority, Catholic Healthcare, Ser A, RB
Callable 03/01/21 @ 100
5.250%, 03/01/22(B)	$	265	$	312
California State, Health Facilities Financing Authority, Cedars-Sinai Medical Center, RB
5.000%, 08/15/17		750		794
California State, Health Facilities Financing Authority, City of Hope, Ser A, RB
5.000%, 11/15/17		375		400
California State, Health Facilities Financing Authority, Insured Marshall Medical Center, RB, CA MTG INS
Callable 11/01/24 @ 100
5.000%, 11/01/29(B)		250		300
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser B, RB
5.000%, 07/01/16(A)		875		931
California State, Health Facilities Financing Authority, St. Joseph Health System, Ser D, RB
5.000%, 07/01/43(A)		975		1,137
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/17		500		533
California State, Health Facilities Financing Authority, Sutter Health, Ser A, RB
5.500%, 08/15/18		125		139
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
4.000%, 09/01/17		500		523
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
5.000%, 09/01/22		1,000		1,212
California State, Public Works Board, Department of Corrections-State Prisons, Ser A, RB, AMBAC
5.000%, 12/01/19		660		725
California State, Public Works Board, Judicial Council, Ser B, RB
5.000%, 10/01/23		475		587
California State, Public Works Board, Various Capital Projects, Ser A, RB
4.000%, 04/01/17		500		517
California State, Public Works Board, Various Capital Projects, Ser G-1, RB
Callable 10/01/19 @ 100
5.250%, 10/01/23(B)		250		284
California Statewide, Communities Development Authority, Cottage Health System, RB
Callable 11/01/24 @ 100
5.000%, 11/01/25(B)		350		433
California Statewide, Communities Development Authority, Kaiser Permanente, Ser A, RB
5.000%, 04/01/19		1,200		1,344
California Statewide, Communities Development Authority, Kaiser Permanente, Ser B, RB
Callable 02/01/17 @ 100
1.350%, 04/07/16(A) (B)		2,000		2,007
California Statewide, Communities Development Authority, Sutter Health, Ser A, RB
5.000%, 08/15/18		200		220
Carlsbad, Public Financing Authority, Municipal Golf Course Project, Ser A, RB, AMBAC
4.500%, 09/01/16		350		356
Chula Vista, Elementary School District, School Building Project, Ser A, COP, AGM
5.000%, 09/01/22		1,000		1,201
Chula Vista, Police Facility Project, COP
5.000%, 10/01/21		360		427
City & County of San Francisco California, Ser B001
0.480%, 04/07/16(A) (C)		700		700
El Dorado, Irrigation District, Ser A, RB, AGM
4.500%, 03/01/19		500		551

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 24

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Encinitas, Unified School District, GO, NATL
0.799%, 08/01/17(E)	$	500	$	494
Fairfield County, Redevelopment Agency, TA
4.000%, 08/01/17		2,630		2,745
Gilroy, Public Facilities Fincancing Authority, RB
5.000%, 11/01/21		940		1,116
Golden State Tobacco Securitization, Ser A, RB
5.000%, 06/01/19		1,000		1,128
Golden State Tobacco Securitization, Ser A, RB
Callable 06/01/23 @ 100
5.000%, 06/01/30(B)		1,075		1,265
Hemet, Unified School District, GO, AGM
4.000%, 08/01/24		500		578
Irvine Unified School District, SPL Tax, BAM
Callable 03/01/25 @ 100
5.000%, 09/01/30(B)		250		302
Jurupa, Unified School District, GO, AGM
5.000%, 08/01/22		1,000		1,206
Long Beach, Harbor Revenue, Ser C, RB
4.000%, 11/15/18		500		542
Los Angeles County Public Works Financing Authority, Ser D
Callable 12/01/25 @ 100
5.000%, 12/01/28(B)		600		741
Los Angeles County, Disney Parking Hall Project, COP
5.000%, 09/01/22		500		604
Los Angeles, California Wastewater System Revenue, Sub-Ser B, RB
Callable 06/01/22 @ 100
5.000%, 06/01/31(B)		1,000		1,197
Los Angeles, Department of Airports, Senior International Govermental, Ser C, RB
4.000%, 05/15/17		545		565
Los Angeles, Department of Airports, Ser C, RB
5.000%, 05/15/25		550		694
Los Angeles, Department of Water & Power System, Ser A, RB
5.000%, 07/01/19		500		566
Los Angeles, Department of Water & Power System, Ser C, RB
5.000%, 07/01/23		500		623
Los Angeles, Municipal Improvement Authority, Capital Equipment, Ser A, RB
4.000%, 11/01/19		575		631
Los Angeles, Municipal Improvement Authority, Ser C, RB
4.000%, 09/01/16		500		507
Los Angeles, Sanitation Districts Financing Authority, Sub-Ser, RB
Callable 10/01/25 @ 100
5.000%, 10/01/28(B)		500		615
Los Angeles, Ser A, GO
5.000%, 09/01/21		240		288
Los Angeles, Unified School District, Election of 2005, Ser E, GO, AGM
Pre-Refunded @ 100
5.000%, 07/01/19(D)		500		527
Los Angeles, Unified School District, Headquarters Building Project, Ser A, COP
5.000%, 10/01/20		1,000		1,167
Los Angeles, Unified School District, Ser A, GO
5.000%, 07/01/18		350		383
Los Angeles, Unified School District, Ser B, GO, AMBAC
Callable 07/01/17 @ 100
5.000%, 07/01/19(B)		2,000		2,106
Merced, Irrigation District, Ser A, RB, AGM
5.000%, 10/01/20		500		581
Modesto, Irrigation District, Ser A, RB
5.000%, 07/01/17		1,000		1,051
Northern California, Power Agency, Hydroelectric Project Number 1, Ser C, RB, ASSURED GTY
Callable 07/01/18 @ 100
5.000%, 07/01/20(B)		500		544
Orange County, Public Financing Authority, RB, NATL
5.000%, 07/01/17		1,050		1,107

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 25

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Orange County, Redevelopment Agency Successor Agency, TA, AGM
5.000%, 09/01/23	$	320	$	391
Orange County, Sanitation District, Ser A, COP
3.000%, 02/01/17		500		510
Petaluma, Joint Unified High School District, Election of 2014, Ser A, GO
4.000%, 08/01/18		595		637
Port of Oakland, Ser B, RB, NATL
Callable 11/01/17 @ 100
5.000%, 11/01/23(B)		500		531
Riverside County, Public Safety Communication, Ser A, COP, AMBAC
5.000%, 11/01/17		1,600		1,702
Riverside County, Transportation Commission, Ser A, RB
Callable 06/01/23 @ 100
5.250%, 06/01/28(B)		500		617
Riverside, Public Financing Authority, Ser A, RB
5.000%, 11/01/21		1,000		1,187
Roseville, Finance Authority, RB
4.000%, 02/01/18		500		528
Sacramento County, Sanitation District Financing Authority, Sewer Revenue, Ser A, RB
5.000%, 12/01/20		500		589
Sacramento, Area Flood Control Agency, SAB, BAM
Callable 10/01/24 @ 100
5.000%, 10/01/30(B)		250		294
Sacramento, Area Flood Control Agency, Ser A, SAB, NATL
Callable 10/01/17 @ 100
5.000%, 10/01/21(B)		400		425
Sacramento, Financing Authority, EPA Building Project, Ser A, RB
4.000%, 05/01/18		850		905
San Diego, Public Facilities Financing Authority Sewer Revenue, RB
5.000%, 05/15/25		1,000		1,281
San Francisco City & County, Airports Commission, Ser B, RB
5.000%, 05/01/17		495		518
San Francisco City & County, Multiple Capital Improvement Projects, Ser B, COP
Callable 04/01/19 @ 100
5.000%, 04/01/22(B)		735		819
San Francisco City & County, Open Space Fund, Various Park Projects, RB, NATL
Callable 05/02/16 @ 100
3.750%, 07/01/18(B)		500		501
San Francisco City & County, Public Utilities Commission Water Revenue, Ser A, RB
5.000%, 11/01/20		250		293
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA
5.000%, 08/01/17		540		567
San Francisco City & County, Redevelopment Agency, Redevelopment Projects, Ser B, TA, NATL
Callable 05/02/16 @ 100
5.250%, 08/01/18(B)		600		601
San Francisco State Building Authority, RB
4.000%, 12/01/20		1,000		1,127
San Luis Obispo County Financing Authority, Ser A, RB, BAM
Callable 09/01/25 @ 100
5.000%, 09/01/31(B)		1,000		1,192
San Luis Obispo County, Financing Authority, Ser A, RB, BAM
Callable 09/01/25 @ 100
5.000%, 09/01/30(B)		500		600
San Mateo County, Joint Powers Financing Authority, Maple Street Project, RB
3.000%, 06/15/17		1,000		1,028
San Mateo County, Transportation Authority, Ser A, RB, NATL, ETM
5.250%, 06/01/19		755		858
San Pablo County, Redevelopment Agency, Ser A, TA, AGM
5.000%, 06/15/21		480		565

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 26

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Santa Clara County, Financing Authority, Lease Revenue Capital Project, Ser A, RB
5.000%, 02/01/20	$	500	$	573
Santa Cruz County Redevelopment Agency, Ser A, SPL Tax, AGM
Callable 09/01/25 @ 100
5.000%, 09/01/28(B)		480		582
Santa Cruz County, Redevelopment Agency, TA, BAM
5.000%, 09/01/19		640		722
Santa Rosa, Wastewater Revenue, Ser A, RB
4.000%, 09/01/17		415		434
Southern California, Metropolitan Water District, Ser G-4, RB
Callable 07/01/19 @ 100
3.000%, 07/01/37(A) (B)		1,000		1,061
Southern California, Public Power Authority, Linden Wind Energy Project, Ser A, RB
Callable 07/01/20 @ 100
5.000%, 07/01/27(B)		1,065		1,234
Southern California, Public Power Authority, Subordinated Southern Transmission Project, Ser A, RB
5.000%, 07/01/17		1,375		1,447
Turlock, Irrigation District, Ser A, RB
5.000%, 01/01/17		575		594
Turlock, Irrigation District, Sub-Ser, RB
5.000%, 01/01/19		200		222
Tustin, Unified School District, SPL Tax, BAM
5.000%, 09/01/24		500		612
University of California, Regents Medical Center Pooled Revenue, Ser J, RB
Callable 05/15/23 @ 100
5.000%, 05/15/26(B)		500		610
University of California, Revenues Limited Project, Ser E, RB
Callable 05/15/20 @ 100
5.000%, 05/15/22(B)		500		578
University of California, Ser G
Callable 05/15/22 @ 100
5.000%, 05/15/26(B)		500		603
University of California, Ser Z-1, RB
Callable 05/02/16 @ 100
0.370%, 04/07/16(A) (B)		1,000		1,000
Ventura County Community College District
Callable 08/01/21 @ 100
5.000%, 08/01/24(B)		385		460
Ventura County, Public Financing Authority, Ser A, RB
4.000%, 11/01/18		500		540
Ventura County, Public Financing Authority, Ser A, RB
5.000%, 11/01/19		500		571
Ventura County, Public Financing Authority, Ser B, RB
5.000%, 11/01/18		500		553
Walnut, Energy Center Authority, RB
5.000%, 01/01/19		300		334
Total California				91,395
Connecticut [2.0%]
Connecticut State, Ser A, GO
Callable 04/18/16 @ 100
1.750%, 03/01/19(A) (B)		1,000		1,000
Connecticut State, Ser D, GO
1.280%, 04/07/16(A)		1,000		1,002
Total Connecticut				2,002
Guam [0.5%]
Territory of Guam, Ser A, RB
5.000%, 01/01/17		500		514
Total Municipal Bonds
(Cost $91,590)				94,163

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 27

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale California Tax Exempt Bond Fund (concluded)

Description	Shares		Value (000)
Affiliated Registered Investment Company [1.8%]
City National Rochdale Municipal High Income Fund, N Class* ‡		162,817	$	1,771
Total Affiliated Registered Investment Company
(Cost $1,750)				1,771
Short-Term Investments [2.4%]
City National Rochdale California Tax Exempt Money Market Fund, Institutional Class, 0.010%* ‡		2,337,341		2,337
Total Short-Term Investments
(Cost $2,337)				2,337
Total Investments [99.5%]
(Cost $95,677)			$	98,271

Percentages are based on Net Assets of $98,794 (000).

* The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(B) Put and Demand Feature — The date reported is the next reset or put date.

(C) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $700 (000), representing 0.7% of the net assets of the Fund.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(E) Zero coupon security. The rate reported is the effective yield at time of purchase.

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

ASSURED GTY— Assured Guaranty Ltd.

BAM — Build America Mutual Assurance Company

CA MTG INS — Cal-Mortgage Loan Insurance Division

COP — Certificate of Participation

EPA — Environmental Protection Agency

ETM — Escrowed to Maturity

GO — General Obligation

NATL — National Public Finance Guarantee Corporation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	94,163	$	—	$	94,163
Affiliated Registered Company		1,771		—		—		1,771
Short-Term Investments		2,337		—		—		2,337
Total Investments in Securities	$	4,108	$	94,163	$	—	$	98,271

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 28

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund

Description	Face Amount (000)		Value (000)
Municipal Bonds [85.2%]
Alabama [3.2%]
Birmingham, Water Works Board, Ser A, RB
Callable 01/01/25 @ 100
5.000%, 01/01/42(A)	$	5,000	$	5,735
Cullman County, Health Care Authority, Cullman Regional Medical Center Project, Ser A, RB
Callable 02/01/19 @ 100
7.000%, 02/01/36(A)		4,315		4,681
Jefferson County, Sewer Revenue, Ser D, RB
Callable 10/01/23 @ 105
6.000%, 10/01/42(A)		4,000		4,668
Jefferson County, Sewer Revenue, Ser D, RB
Callable 10/01/23 @ 105
6.500%, 10/01/53(A)		4,000		4,811
Lower Alabama Gas District, Ser A, RB
5.000%, 09/01/46		5,000		6,180
Total Alabama				26,075
Alaska [0.7%]
Northern Tobacco Securitization, Ser A, RB
Callable 04/18/16 @ 100
5.000%, 06/01/46(A)		6,000		5,320
American Samoa [0.6%]
American Samoa Economic Development Authority, Ser A, RB
Callable 09/01/25 @ 100
6.625%, 09/01/35(A)		5,000		5,119
Arizona [0.9%]
Phoenix, Industrial Development Authority, Legacy Traditional School Projects, RB
Callable 07/01/25 @ 100
5.000%, 07/01/45(A) (B)		3,300		3,356
Pima County, Industrial Development Authority, Noah Webster School Project, RB
Callable 12/15/23 @ 100
7.000%, 12/15/43(A)		1,500		1,701
Yavapai County Industrial Development Authority, Ser A, RB
Callable 03/01/25 @ 100
5.000%, 09/01/34(A) (B)		2,015		2,067
Total Arizona				7,124
California [10.9%]
Adelanto, Public Utility Authority, Utility System Project, Ser A, RB
Callable 07/01/19 @ 100
6.750%, 07/01/39(A)		6,500		7,393
California State, GO
Callable 12/01/23 @ 100
5.000%, 12/01/31(A)		1,500		1,819
California State, Municipal Finance Authority, Ser A, RB
Callable 11/01/25 @ 100
5.500%, 11/01/45(A) (B)		4,000		4,210
California State, Pollution Control Financing Authority, San Diego Water Project, RB
Callable 07/01/17 @ 100
5.000%, 11/21/45(A) (B)		2,000		2,055
California State, Public Works Board, Department of Corrections and Rehab Project, Ser A, RB
Callable 09/01/24 @ 100
5.000%, 09/01/31(A)		5,000		5,988

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 29

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
California State, Public Works Board, Various Capital Projects, Ser A, RB
Callable 04/01/22 @ 100
5.000%, 04/01/37(A)	$	1,000	$	1,149
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.625%, 10/01/34(A) (G)		575		600
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
5.875%, 10/01/44(A) (G)		1,000		1,049
California State, School Finance Authority, View Park Elementary & Middle School Project, Ser A, RB
Callable 10/01/24 @ 100
6.000%, 10/01/49(A) (G)		720		759
California Statewide Communities Development Authority, RB
Callable 06/01/25 @ 100
7.000%, 06/01/45(A)		3,155		3,159
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/35(A)		5,000		5,874
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
4.500%, 06/01/27(A)		4,655		4,715
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.750%, 06/01/47(A)		5,000		4,950
Golden State Tobacco Securitization, Golden State Tobacco Settlement, Ser A-1, RB
Callable 06/01/17 @ 100
5.125%, 06/01/47(A)		7,280		6,692
Lake Elsinore, Public Financing Authority, SAB
Callable 09/01/25 @ 100
5.000%, 09/01/35(A)		2,650		2,898
Los Angeles County, Tobacco Securitization Agency, RB
Callable 12/01/18 @ 100
5.700%, 06/01/46(A)		3,000		3,005
M-S-R Energy Authority, Ser C, RB
7.000%, 11/01/34		2,500		3,640
Palomar Pomerado Health Care District, COP
Callable 11/01/20 @ 100
6.000%, 11/01/30(A)		3,920		4,239
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.000%, 12/01/26(A)		1,000		1,198
San Buenaventura, Community Memorial Health System Project, RB
Callable 12/01/21 @ 100
7.500%, 12/01/41(A)		1,000		1,211
San Mateo, Community Facilities District, SAB
Callable 09/01/22 @ 100
5.500%, 09/01/44(A)		1,000		1,110
San Mateo, Foster City School District, GO
Callable 08/01/31 @ 100
6.625%, 08/01/42(A) (C)		6,000		5,090
Southern California, Tobacco Securitization Authority, Ser A-1, RB
Callable 04/18/16 @ 100
5.000%, 06/01/37(A)		3,000		2,961
Southern California, Tobacco Securitization Authority, Ser A1-SNR, RB
Callable 04/18/16 @ 100
5.125%, 06/01/46(A)		4,000		3,936
State of California, GO
Callable 09/01/26 @ 100
5.000%, 09/01/45(A)		8,000		9,563
Total California				89,263

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 30

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Colorado [4.2%]
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/20 @ 100
6.125%, 10/01/40(A)	$	2,500	$	2,798
Arkansas State, River Power Authority, Colorado Improvement Project, RB
Callable 10/01/18 @ 100
6.000%, 10/01/40(A)		2,925		3,069
Castle Oaks Metropolitan District No. 3, GO
Callable 12/01/20 @ 103
6.250%, 12/01/44(A)		2,860		2,872
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.125%, 04/01/35(A) (B)		1,515		1,520
Colorado State, Educational & Cultural Facilities Authority, Charter School Preparatory School Project, RB
Callable 04/01/25 @ 100
5.250%, 04/01/45(A) (B)		2,655		2,664
Colorado State, Educational & Cultural Facilities Authority, Charter School Project, RB
Callable 07/01/25 @ 100
5.000%, 07/01/36(A) (B)		915		937
Colorado State, Educational & Cultural Facilities Authority, Charter School Project, RB
Callable 07/01/25 @ 100
5.250%, 07/01/46(A) (B)		1,930		1,975
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/44(A) (B) (G)		1,350		1,432
Colorado State, Educational & Cultural Facilities Authority, Charter School Skyview Project, RB
Callable 07/01/24 @ 100
5.500%, 07/01/49(A) (B) (G)		1,600		1,694
Colorado State, High Performance Transportation Enterprise, U.S. 36 & I-25 Managed Lanes Project, RB, AMT
Callable 01/01/23 @ 100
5.750%, 01/01/44(A)		2,000		2,146
Colorado State, Public Energy Authority, RB
6.500%, 11/15/38		4,000		5,591
Denver City & County, United Airlines Project, Ser A, RB, AMT
Callable 10/01/17 @ 100
5.250%, 10/01/32(A)		1,000		1,044
Erie Highlands Metropolitan District No. 1, GO
Callable 12/01/20 @ 103
5.750%, 12/01/45(A)		2,000		2,028
Lewis Pointe Metropolitan District, Ser A, GO
Callable 12/01/20 @ 100
6.000%, 12/01/44(A)		2,590		2,613
Regional Transportation District, Denver Transportation Partners Project, RB
Callable 07/15/20 @ 100
6.000%, 01/15/41(A)		1,000		1,148
Wildgrass County, Metropolitan District, GO
Pre-Refunded @ 100
6.200%, 12/01/34(D)		1,000		1,037
Total Colorado				34,568
Delaware [0.8%]
Delaware State, Economic Development Authority, Indian River Power Project, RB
Callable 10/01/20 @ 100
5.375%, 10/01/45(A)		6,500		6,777
District of Columbia [0.3%]
Metropolitan Washington, Airports Authority, Dulles Toll Road Revenue, Ser B, RB
Callable 10/01/28 @ 100
6.500%, 10/01/44(A) (C)		2,000		2,232

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 31

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Florida [7.6%]
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.000%, 11/15/34(A)	$	2,500	$	2,724
Alachua County, Health Facilities Authority, East Ridge Retirement Village Project, RB
Callable 11/15/24 @ 100
6.250%, 11/15/44(A)		1,000		1,100
Brevard County, Industrial Development Authority, TUFF Florida Tech Project, RB
Callable 11/01/19 @ 100
6.750%, 11/01/39(A)		960		1,044
Capital Trust Agency, RB
Callable 05/02/16 @ 100
9.750%, 01/01/35(A) (C) (E)		815		814
Capital Trust Agency, RB
Callable 05/02/16 @ 100
5.750%, 01/01/50(A)		945		945
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/44(A)		3,390		3,138
Capital Trust Agency, Silver Creek Street Project, Ser A, RB
Callable 01/01/21 @ 103
8.250%, 01/01/49(A)		1,000		918
Florida Development Finance, RB
Callable 06/15/25 @ 100
6.125%, 06/15/46(A) (B)		5,000		5,128
Florida State, Development Finance Corp., Renaissance Charter School Project, Ser A, RB
Callable 06/15/22 @ 100
6.125%, 06/15/43(A)		1,000		1,041
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.000%, 06/15/34(A)		2,110		2,231
Florida State, Development Finance, Renaissance Charter School Project, Ser A, RB
Callable 06/15/24 @ 100
6.125%, 06/15/44(A)		3,000		3,074
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
Callable 06/01/22 @ 103
7.000%, 06/01/35(A) (B)		1,350		1,439
Florida State, Development Finance, Tuscan Isle Senior Living Community Project, Ser A, RB
Callable 06/01/22 @ 103
7.000%, 06/01/45(A) (B)		4,000		4,181
Florida State, Village Community Development District No. 10, SAB
Callable 05/01/23 @ 100
6.000%, 05/01/44(A)		1,000		1,191
Miami-Dade County, Industrial Development Authority, Pinecrest Academy Project, RB
Callable 09/15/24 @ 100
5.250%, 09/15/44(A)		4,300		4,546
Miami-Dade County, Industrial Development Authority, Youth CO-OP Charter Schools Project, Ser A, RB
Callable 09/15/25 @ 100
5.750%, 09/15/35(A) (B)		1,605		1,643
Mid-Bay Bridge Authority, Ser A, RB
Pre-Refunded @ 100
7.250%, 10/01/34(D)		5,200		6,853
Mid-Bay Bridge Authority, Ser A, RB
Callable 10/01/25 @ 100
5.000%, 10/01/35(A)		5,000		5,627
Osceola County, Poinciana Parkway Project, Ser A, RB
Callable 10/01/24 @ 100
5.375%, 10/01/47(A)		5,000		5,438
Palm Beach County Health Facilities Authority, RB
6.250%, 06/01/23		2,925		3,105

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 32

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.250%, 06/01/34(A)	$	500	$	606
Palm Beach County, Health Facilities Authority, Sinai Residences Project, Ser A, RB
Callable 06/01/22 @ 102
7.500%, 06/01/49(A)		2,000		2,447
Saint Johns County, Industrial Development Authority, Presbyterian Retirement Project, Ser A, RB
Callable 08/01/20 @ 100
6.000%, 08/01/45(A)		3,000		3,334
Total Florida				62,567
Georgia [1.0%]
Atlanta, Department of Aviation, Ser A, RB
Callable 01/01/24 @ 100
5.000%, 01/01/31(A)		2,500		2,966
DeKalb County, Hospital Authority, Dekalb Medical Center Project, RB
Callable 09/01/20 @ 100
6.125%, 09/01/40(A)		1,000		1,090
Greene County, Development Authority, GLEN-I, LLC Project, Ser A, RB
Callable 01/01/25 @ 100
7.250%, 01/01/46(A) (B) (G)		3,400		3,465
Savannah, Economic Development Authority, Marshes Skidaway Island Project, RB
Callable 01/01/24 @ 100
7.250%, 01/01/49(A)		810		917
Total Georgia				8,438
Guam [1.2%]
Territory of Guam, Government Waterworks Authority, RB
Callable 07/01/20 @ 100
5.625%, 07/01/40(A)		2,000		2,226
Territory of Guam, Ser A, GO
Pre-Refunded @ 100
7.000%, 11/15/39(D)		6,000		7,276
Total Guam				9,502
Hawaii [0.4%]
Hawaii State, Department of Budget & Finance, 15 Craigside Project, Ser A, RB
Callable 11/15/19 @ 100
8.750%, 11/15/29(A)		2,340		2,910
Illinois [5.1%]
Bridgeview Village, Ser A, GO
Callable 06/01/24 @ 100
5.500%, 12/01/43(A)		4,880		5,002
Chicago O’Hare International Airport, Ser B, RB
Callable 01/01/25 @ 100
5.000%, 01/01/33(A)		2,500		2,926
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/23 @ 100
5.000%, 01/01/35(A)		2,000		2,245
Chicago, Midway International Airport, Ser B, RB
Callable 01/01/24 @ 100
5.000%, 01/01/35(A)		3,000		3,372
Chicago, Refunding Project, Ser A, GO, AGM
Callable 01/01/24 @ 100
5.250%, 01/01/31(A)		1,000		1,084
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/40(A)		4,000		4,610
Illinois State, Finance Authority, Admiral at Lake Project, Ser A, RB
Callable 05/15/20 @ 100
8.000%, 05/15/46(A)		2,825		3,242
Illinois State, Finance Authority, Lutheran Home and Services Project, RB
Callable 05/15/22 @ 100
5.625%, 05/15/42(A)		5,000		5,278
Illinois State, Finance Authority, Roosevelt University Project, RB
Callable 10/01/19 @ 100
6.250%, 04/01/29(A)		1,000		1,100
Illinois State, Finance Authority, Roosevelt University Project, RB
Callable 10/01/19 @ 100
6.500%, 04/01/39(A)		3,445		3,786

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 33

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Illinois State, Finance Authority, Three Crowns Park Plaza Project, Ser A, RB
Callable 05/02/16 @ 100
5.875%, 02/15/38(A)	$	6,750	$	6,756
Southwestern Illinois, Development Authority, Collinsville Project, RB
Callable 05/02/16 @ 100
5.350%, 03/01/31(A)		75		60
Village of Bridgeview, Cook County, Ser A, GO
Callable 12/01/25 @ 100
5.750%, 12/01/35(A)		2,000		2,133
Total Illinois				41,594
Indiana [1.6%]
Carmel City, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.000%, 11/15/32(A)		1,650		1,876
Carmel City, Barrington Carmel Project, Ser A, RB
Callable 11/15/22 @ 100
7.125%, 11/15/47(A)		3,000		3,377
Indiana State, Finance Authority, Ohio Valley Electric Corporation Project, Ser A, RB
Callable 06/01/22 @ 100
5.000%, 06/01/39(A)		1,000		1,048
Indianapolis, Ritter Affordable Assisted Living Project, RB
Callable 12/01/22 @ 102
6.900%, 12/01/33(A)		4,000		4,137
Terre Haute, Westminster Village Project, RB
Callable 08/01/22 @ 100
6.000%, 08/01/39(A)		2,355		2,374
Total Indiana				12,812
Iowa [0.2%]
Iowa State, Finance Authority, Ser B, RB
Callable 06/01/25 @ 100
5.000%, 06/01/36(A)		2,000		2,001
Kansas [0.6%]
Arkansas City, Public Building Commission, South Central Regional Medical Center, RB
Callable 09/01/19 @ 100
7.000%, 09/01/29(A)		2,550		2,563
Wyandotte County-Kansas City Unified Government, RB
Callable 09/01/25 @ 100
5.750%, 09/01/32(A)		2,000		2,032
Total Kansas				4,595
Kentucky [1.3%]
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.375%, 06/01/40(A)		1,000		1,142
Kentucky State, Economic Development Finance Authority, Owensboro Medical Health System Project, Ser A, RB
Callable 06/01/20 @ 100
6.500%, 03/01/45(A)		2,960		3,390
Kentucky State, Public Transportation Infrastructure Authority, Downtown Crossing Project, Ser A, RB
Callable 07/01/23 @ 100
5.750%, 07/01/49(A)		5,650		6,492
Total Kentucky				11,024
Louisiana [1.6%]
Juban Crossing Economic Development District, General Infrastructure Project, Ser C, RB
Callable 03/15/25 @ 100
7.000%, 09/15/44(A) (B) (G)		5,665		5,812
Louisiana State, Local Government Environmental Facilities & Community Development Authority, Ser S, RB
Callable 06/01/25 @ 100
5.625%, 06/01/45(A)		2,000		2,026

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 34

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Louisiana State, Public Facilities Authority, Pellets Inc. Project, RB, AMT
7.000%, 07/01/24(B) (F) (G)	$	2,000	$	1,200
Louisiana State, Public Facilities Authority, Pellets Inc. Project, RB, AMT
Callable 07/01/23 @ 100
10.500%, 07/01/39(A) (F) (G)		2,000		1,200
Louisiana State, Public Facilities Authority, Pellets Inc. Project, Ser A, RB, AMT
Callable 07/01/24 @ 100
8.375%, 07/01/39(A) (F) (G)		5,000		3,000
Total Louisiana				13,238
Maryland [1.4%]
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
5.800%, 02/15/34(A)		725		769
Howard County, Annapolis Junction Town Center Project, TA
Callable 02/15/24 @ 100
6.100%, 02/15/44(A)		1,425		1,511
Maryland State, Economic Development, RB
Callable 09/01/20 @ 100
5.750%, 09/01/25(A)		3,000		2,884
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.000%, 07/01/34(A)		1,205		1,326
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.125%, 07/01/39(A)		750		819
Westminster, Luther Village Millers Grant Inc. Project, RB
Callable 07/01/24 @ 100
6.250%, 07/01/44(A)		3,780		4,133
Total Maryland				11,442
Massachusetts [0.6%]
Massachusetts, Port Authority, Ser B, RB, AMBAC, AMT
0.689%, 01/01/31(E) (G)		6,000		5,261
Michigan [2.4%]
Kent, Hospital Finance Authority, Metropolitan Hospital Project, Ser A, RB
Callable 05/02/16 @ 100
6.000%, 07/01/35(A)		4,805		4,819
Kent, Hospital Finance Authority, Ser A, RB
Callable 05/02/16 @ 100
6.250%, 07/01/40(A)		1,500		1,504
Michigan State, Finance Authority, RB
Callable 11/15/25 @ 100
5.250%, 11/15/35(A)		2,340		2,422
Michigan State, Finance Authority, Old Redford School Project, Ser A, RB
Callable 12/01/20 @ 100
6.500%, 12/01/40(A)		3,745		3,837
Michigan State, Public Educational Facilities Authority, Old Redford Project, Ser A, RB
Callable 05/02/16 @ 100
5.875%, 12/01/30(A)		2,000		2,000
Michigan State, Tobacco Settlement Finance Authority, Ser A, RB
Callable 06/01/17 @ 100
5.125%, 06/01/22(A)		2,935		2,832
Michigan State, Tobacco Settlement Finance Authority, Turbo Project, Ser A, RB
Callable 06/01/18 @ 100
6.875%, 06/01/42(A)		2,000		2,055
Total Michigan				19,469
Missouri [2.5%]
Blue Springs, Improvement Adams Farm Project, Ser A, SPL Tax
Callable 06/01/24 @ 100
5.250%, 06/01/39(A)		3,400		3,449
Kirkwood, Industrial Development Authority, Aberdeen Heights Project, Ser A, RB
Callable 05/15/20 @ 100
8.250%, 05/15/45(A)		3,000		3,383
Poplar Bluff Missouri, Ser A, SPL Tax
Callable 11/01/23 @ 100
5.125%, 11/01/35(A) (B)		5,000		5,073

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 35

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Saint Joseph, Industrial Development Authority, Living Community Saint Joseph Project, RB
Callable 05/02/16 @ 100
7.000%, 08/15/32(A)	$	1,000	$	1,000
Saint Louis County, Lambert Airport Project, SAB
Pre-Refunded @ 105
9.000%, 11/01/31(D) (G)		2,500		2,744
St. Louis County, Industrial Development Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(A) (B)		2,000		2,037
St. Louis County, Industrial Development Authority, RB
Callable 09/01/24 @ 100
5.250%, 09/01/45(A) (B)		3,000		3,053
Total Missouri				20,739
Nebraska [0.9%]
Central Plains Energy Project, Project No. 3, RB
Callable 09/01/22 @ 100
5.250%, 09/01/37(A)		1,000		1,134
Central Plains Energy Project, Project No. 3, RB
Callable 09/01/22 @ 100
5.000%, 09/01/42(A)		5,500		5,956
Total Nebraska				7,090
Nevada [0.7%]
Clark County, Department of Aviation, Sub-Ser A-2, RB
Callable 07/01/24 @ 100
5.000%, 07/01/35(A)		3,000		3,461
Las Vegas Special Improvement District No. 812, SAB
Callable 12/01/25 @ 100
5.000%, 12/01/35(A)		1,000		1,019
State of Nevada Department of Business & Industry, Ser A, RB
Callable 12/15/25 @ 100
5.000%, 12/15/35(A) (B)		1,595		1,658
Total Nevada				6,138
New Jersey [1.6%]
New Jersey State, Economic Development Authority, Continental Airlines Project, RB, AMT
Callable 08/20/22 @ 101
5.250%, 09/15/29(A)		1,000		1,102
New Jersey State, Economic Development Authority, School Facilities Construction, Ser UU, RB
Callable 06/15/24 @ 100
5.000%, 06/15/40(A)		5,000		5,232
Tobacco Settlement Financing, Ser 1A, RB
Callable 06/01/17 @ 100
5.000%, 06/01/41(A)		7,500		6,720
Total New Jersey				13,054
New Mexico [0.3%]
New Mexico Hospital Equipment Loan Council, RB
Callable 07/01/22 @ 100
5.500%, 07/01/42(A)		2,000		2,169
New York [3.4%]
Metropolitan Transportation Authority, Ser A-1, RB
Callable 05/15/25 @ 100
5.000%, 11/15/45(A)		5,000		5,783
Nassau County, Industrial Development Agency, Ser A, RB
Callable 01/01/25 @ 101
6.700%, 01/01/49(A)		4,789		4,789
Nassau County, Industrial Development Agency, Ser C, RB
Callable 01/01/18 @ 100
2.000%, 01/01/49(A)		1,728		216
New York City, Industrial Development Agency, American Airlines JFK International Airport Project, RB, AMT
Callable 08/01/16 @ 101
7.750%, 08/01/31(A) (E)		4,000		4,131
New York State, Liberty Development, RB
Callable 11/15/24 @ 100
5.000%, 11/15/44(A) (B)		10,000		10,722

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 36

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/34(A)	$	1,000	$	1,141
Niagara, Tobacco Asset Securitization, RB
Callable 05/15/24 @ 100
5.250%, 05/15/40(A)		1,000		1,132
Total New York				27,914
North Carolina [0.2%]
North Carolina State, Medical Care Commission, RB
Callable 09/01/24 @ 100
5.000%, 09/01/37(A)		1,655		1,688
Ohio [2.7%]
Muskingum County, Hospital Facilities Authority, Genesis Healthcare System Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/33(A)		1,000		1,058
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/44(A)		1,000		1,032
Muskingum County, Hospital Facilities Authority, Genesis Healthcare Systems Project, RB
Callable 02/15/23 @ 100
5.000%, 02/15/48(A)		3,000		3,088
Ohio State, Air Quality Development Authority, Pollution Control Firstenergy Project, Ser B, RB
3.625%, 12/01/33(E)		1,000		1,035
Ohio State, Air Quality Development Authority, Pollution Control Firstenergy Project, Ser S, RB
3.625%, 10/01/33(E)		1,000		1,034
Ohio State, Air Quality Development Authority, Ser E, RB
5.625%, 10/01/19		3,350		3,692
Ohio State, Water Development Authority, Pollution Control Firstenergy Project, Ser S, RB
3.625%, 10/01/33(E)		1,500		1,550
Southeastern Ohio, Port Authority, Memorial Health System Project, RB
Callable 12/01/22 @ 100
6.000%, 12/01/42(A)		7,000		7,763
Toledo-Lucas County Port Authority, SAB
Callable 05/02/16 @ 100
5.375%, 12/01/35(A)		2,005		2,009
Total Ohio				22,261
Pennsylvania [3.6%]
Beaver County, Industrial Development Authority, Ser B, RB
3.500%, 12/01/35(E)		5,000		5,150
Delaware County, Industrial Development Authority, Chester Community Charter School Project, Ser A, RB
Callable 08/15/20 @ 100
6.125%, 08/15/40(A)		4,730		4,799
Delaware County, Industrial Development Authority, Covanta Project, Ser A, RB
Callable 07/01/20 @ 100
5.000%, 07/01/43(A)		2,500		2,535
Pennsylvania State, Economic Development Financing Authority, Ser A-RE, RB
Callable 09/01/25 @ 100
6.400%, 12/01/38(A)		3,000		2,899
Pennsylvania State, Turnpike Commission, Ser A, RB
Callable 12/01/24 @ 100
5.000%, 12/01/33(A)		1,500		1,753
Pennsylvania State, Turnpike Commission, Sub-Ser E, RB
Callable 12/01/27 @ 100
6.375%, 12/01/38(A) (C)		2,000		2,370
Philadelphia Authority for Industrial Development, RB
Callable 12/15/21 @ 100
7.625%, 12/15/41(A)		1,000		1,141
Philadelphia, Authority for Industrial Development, Mariana Bracetti Academy, RB
Callable 12/15/21 @ 100
7.150%, 12/15/36(A)		2,280		2,549

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 37

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Philadelphia, Hospitals & Higher Education Facilities Authority, Temple University Health Systems Project, Ser A, RB
Callable 07/01/22 @ 100
5.625%, 07/01/42(A)	$	3,000	$	3,263
Pottsville, Hospital Authority, Schuykill Health System Project, RB
Callable 07/01/24 @ 100
6.500%, 07/01/28(A)		3,000		3,369
Total Pennsylvania				29,828
Rhode Island [0.9%]
Tobacco Settlement Financing, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/35(A)		2,500		2,748
Tobacco Settlement Financing, Ser A, RB
Callable 06/01/25 @ 100
5.000%, 06/01/40(A)		2,250		2,437
Tobacco Settlement Financing, Ser B, RB
Callable 06/01/25 @ 100
5.000%, 06/01/50(A)		2,000		2,088
Total Rhode Island				7,273
South Carolina [0.7%]
South Carolina State, Public Service Authority, Ser E, RB
Callable 12/01/23 @ 100
5.500%, 12/01/53(A)		5,000		5,724
Tennessee [0.4%]
Chattanooga Health Educational & Housing Facility Board, RB
Callable 10/01/25 @ 100
5.000%, 10/01/35(A)		1,000		1,144
Johnson City, Health & Educational Facilities Board, Mountain States Health Alliance Project, RB
Callable 07/01/20 @ 100
6.000%, 07/01/38(A)		2,000		2,260
Total Tennessee				3,404
Texas [9.4%]
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.000%, 03/01/34(A)		400		424
Arlington, Higher Education Finance Corp., Universal Academy Project, Ser A, RB
Callable 03/01/24 @ 100
7.125%, 03/01/44(A)		2,300		2,462
Bexar County, Health Facilities Development Corp., Army Retirement Residence Project, RB
Callable 07/01/20 @ 100
6.200%, 07/01/45(A)		3,250		3,530
Celina Texas, SAB
Callable 03/01/23 @ 103
7.250%, 09/01/45(A)		500		511
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.375%, 09/01/28(A)		400		398
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.500%, 09/01/32(A)		250		248
Celina, Lakes at Mustang Ranch Public Improvement District Phase 1 Project, SAB
Callable 09/01/20 @ 103
5.875%, 09/01/40(A)		600		595
Central Texas Regional Mobility Authority, Ser B-SENIOR, RB
Callable 07/01/20 @ 100
5.000%, 01/01/45(A) (E)		2,500		2,837
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/33(A)		1,000		1,119
Central Texas, Regional Mobility Authority, Sub-Ser, RB
Callable 01/01/23 @ 100
5.000%, 01/01/42(A)		1,000		1,134
Grand Parkway Transportation, Toll Revenue, Sub-Ser B, RB
Callable 10/01/23 @ 100
5.000%, 04/01/53(A)		2,000		2,221

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 38

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/28(A)	$	500	$	528
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
7.000%, 09/01/33(A)		475		510
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.625%, 09/01/37(A)		450		476
Hackberry City, Public Improvement District No. 3, SAB
Callable 09/01/19 @ 103
6.750%, 09/01/44(A)		525		554
Houston, Airport System Revenue, United Airlines Project, RB, AMT
Callable 07/01/24 @ 100
5.000%, 07/01/29(A)		3,000		3,277
Houston, Higher Education Finance, Ser A, RB
Pre-Refunded @ 100
6.875%, 05/15/41(D)		5,300		6,793
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.750%, 09/01/38(A)		500		504
Leander, Oak Creek Public Improvement District, SAB
Callable 09/01/19 @ 103
5.875%, 09/01/44(A)		500		504
Lubbock, Health Facilities Development, First Mortgage Carillon Project, Ser A, RB
Callable 07/01/16 @ 101
6.500%, 07/01/26(A)		430		436
Lubbock, Health Facilities Development, First Mortgage Carillon Project, Ser A, RB
Callable 07/01/16 @ 101
6.625%, 07/01/36(A)		255		258
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.125%, 09/15/28(A)		500		501
McLendon-Chisholm, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.500%, 09/15/40(A)		375		376
McLendon-Chishom, Sonoma Public Improvement District Project, SAB
Callable 09/15/20 @ 103
5.375%, 09/15/35(A)		400		401
Newark Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.500%, 08/15/35(A) (B)		900		932
Newark Higher Education Finance, Ser A, RB
Callable 08/15/25 @ 100
5.750%, 08/15/45(A) (B)		1,700		1,739
North Texas State, Thruway Authority, Convertible Capital Appreciation Project, Ser C, RB
Callable 09/01/31 @ 100
7.000%, 09/01/43(A) (C)		5,000		4,844
Sanger, Industrial Development Authority, Pellets Project, Ser B, RB, AMT
Callable 07/01/22 @ 100
8.000%, 07/01/38(A)		4,950		4,460
Tarrant County Cultural Education Facilities Finance, Buckingham Senior Living Community Project, RB
Callable 11/15/25 @ 100
5.500%, 11/15/45(A)		4,100		4,271
Tarrant County Cultural Education Facilities Finance, RB
Callable 05/15/17 @ 100
4.500%, 11/15/21(A)		3,500		3,567
Tarrant County, Cultural Education Facilities Finance, Buckingham Senior Living Community Project, Ser Senior LIVING, RB
Callable 11/15/17 @ 100
5.750%, 11/15/37(A)		6,000		6,231
Tarrant County, Cultural Education Facilities Finance, Trinity Basin Preparatory Project, Ser A, RB
Pre-Refunded @ 100
7.300%, 06/01/29(D)		600		701

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 39

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Texas State, Municipal Gas Acquisition & Supply I, Ser Senior D, RB
6.250%, 12/15/26	$	3,575	$	4,413
Texas State, Municipal Gas Acquisition & Supply III, RB
5.000%, 12/15/32		2,500		2,801
Texas State, Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Project, Ser Senior LIEN-LBJ, RB
Callable 06/30/20 @ 100
7.000%, 06/30/40(A)		5,165		6,216
Texas State, Private Activity Bond Surface Transportation Corp., NTE Mobility Project, Ser Senior LIEN-NTE, RB
Callable 12/31/19 @ 100
6.875%, 12/31/39(A)		5,350		6,353
Total Texas				77,125
Virginia [2.4%]
Cherry Hill, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.150%, 03/01/35(A) (B)		1,000		1,021
Cherry Hill, Community Development Authority, SAB
Callable 03/01/25 @ 100
5.400%, 03/01/45(A) (B)		2,000		2,063
James City County, Economic Development Authority, United Methodist Home Project, Ser A, RB
Callable 06/01/23 @ 100
6.000%, 06/01/43(A)		4,690		4,509
Lower Magnolia Green Community Development Authority, SAB
Callable 03/01/25 @ 100
5.000%, 03/01/45(A) (B)		4,135		4,164
Virginia State, College Building Authority, Marymount University Project, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/35(A) (B)		1,200		1,252
Virginia State, College Building Authority, Marymount University Project, Ser A, RB
Callable 07/01/25 @ 100
5.000%, 07/01/45(A) (B)		5,110		5,235
Virginia State, Small Business Financing Authority, Elizabeth River Project, RB, AMT
Callable 07/01/22 @ 100
6.000%, 01/01/37(A)		1,000		1,164
Total Virginia				19,408
Washington [0.5%]
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 04/22/16 @ 100
5.375%, 01/01/20(A) (B)		2,000		2,003
Washington State, Housing Finance Commission, Rockwood Retirement Community Project, RB
Callable 01/01/24 @ 100
7.500%, 01/01/49(A) (B)		2,000		2,294
Total Washington				4,297
Wisconsin [5.3%]
Public Finance Authority, Airport Facilities, Senior Trips Obligation Group Project, RB, AMT
Callable 07/01/22 @ 100
5.000%, 07/01/42(A)		1,000		1,052
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.375%, 07/01/34(A)		2,000		2,098
Public Finance Authority, Coral Academy Project, RB
Callable 07/01/24 @ 100
5.625%, 07/01/44(A)		3,500		3,697
Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/30(A) (B)		800		822
Public Finance Authority, RB
Callable 03/01/25 @ 100
5.250%, 03/01/35(A) (B)		1,250		1,282
Public Finance Authority, RB
Callable 02/01/26 @ 100
5.000%, 02/01/36(A) (B)		3,000		2,974
Public Finance Authority, RB
Callable 09/01/24 @ 100
5.000%, 09/01/38(A) (B)		1,580		1,593

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 40

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (continued)

Description	Face Amount (000)		Value (000)
Public Finance Authority, RB
Callable 03/01/25 @ 100
5.500%, 03/01/45(A) (B)	$	3,460	$	3,543
Public Finance Authority, RB
Callable 04/01/25 @ 100
5.875%, 04/01/45(A)		3,000		3,085
Public Finance Authority, Las Ventanas Retirement Community Project, RB
Callable 10/01/20 @ 102
7.000%, 10/01/42(A)		5,400		5,451
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/35(A) (B)		3,000		3,039
Public Finance Authority, Ser A, RB
Callable 06/15/25 @ 100
5.500%, 06/15/45(A) (B)		4,280		4,295
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 10/01/22 @ 102
5.500%, 10/01/49(A)		2,500		2,645
Wisconsin State, Health & Educational Facilities Authority, RB
Callable 12/01/22 @ 102
5.250%, 12/01/49(A)		6,000		6,140
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
Callable 09/15/22 @ 100
5.000%, 09/15/37(A)		650		696
Wisconsin State, Health & Educational Facilities Authority, Ser B, RB
Callable 09/15/22 @ 100
5.000%, 09/15/45(A)		1,000		1,064
Total Wisconsin				43,476
Puerto Rico [3.1%]
Puerto Rico, Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/24(A)		2,590		1,755
Puerto Rico, Commonwealth, Aqueduct & Sewer Authority, Ser A, RB
Callable 07/01/22 @ 100
5.250%, 07/01/42(A)		840		548
Puerto Rico, Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB
Callable 07/01/18 @ 100
6.000%, 07/01/38(A)		4,000		2,690
Puerto Rico, Commonwealth, Aqueduct & Sewer Authority, Ser Senior A, RB
Callable 07/01/18 @ 100
6.000%, 07/01/44(A)		3,000		2,010
Puerto Rico, Commonwealth, Ser A, GO
Callable 07/01/20 @ 100
8.000%, 07/01/35(A)		10,000		6,875
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/23 @ 100
7.000%, 07/01/33(A)		2,440		1,525
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/23 @ 100
7.000%, 07/01/40(A)		1,000		625
Puerto Rico, Electric Power Authority, Ser A, RB
Callable 07/01/22 @ 100
5.000%, 07/01/42(A)		1,310		812
Puerto Rico, Electric Power Authority, Ser WW, RB
Callable 07/01/18 @ 100
5.500%, 07/01/38(A)		1,060		657
Puerto Rico, Electric Power Authority, Ser XX, RB
Callable 07/01/20 @ 100
5.750%, 07/01/36(A)		940		583
Puerto Rico, Sales Tax Financing, Ser C, RB
Callable 08/01/21 @ 100
5.250%, 08/01/40(A)		3,000		1,823
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 02/01/20 @ 100
5.375%, 08/01/39(A)		7,000		2,870
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 08/01/19 @ 100
6.000%, 08/01/42(A)		3,500		1,479
Puerto Rico, Sales Tax Financing, Sub-Ser A, RB
Callable 08/01/19 @ 100
6.500%, 08/01/44(A)		1,250		534

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 41

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Municipal High Income Fund (concluded)

Description	Face Amount (000)/Shares		Value (000)
Puerto Rico, Sales Tax Financing, Sub-Ser C, RB
Callable 08/01/20 @ 100
5.250%, 08/01/41(A)	$	1,000	$	408
Total Puerto Rico				25,194
Total Municipal Bonds
(Cost $676,755)				698,113
Short-Term Investments [13.4%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%* ‡		57,570,284		57,570
SEI Daily Income Trust Government Fund, Cl A, 0.120%*		52,634,358		52,635
Total Short-Term Investments
(Cost $110,205)				110,205
Total Investments [98.6%]
(Cost $786,960)			$	808,318

Percentages are based on Net Assets of $819,468 (000).

‡ Investment in Affiliate.

* The rate reported is the 7-day effective yield as of March 31, 2016.

(A) Put and Demand Feature — The date reported is the next reset or put date.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $105,572 (000), representing 12.9% of the net assets of the Fund.

(C) Step Bond — The rate reported is the rate in effect on March 31, 2016. The coupon on a step bond changes on a specific date.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(E) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(F) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(G) Security is considered illiquid. The total value of such security as of March 31, 2016, was $28,216 (000) and represented 3.4% of the net assets of the Fund.

AGM — Assured Guarantee Municipal

AMBAC — American Municipal Bond Assurance Company

AMT — Alternative Minimum Tax (subject to)

Cl — Class

COP — Certificate of Participation

GO — General Obligation

RB — Revenue Bond

SAB — Special Assessment Board

Ser — Series

SPL Tax — Special Tax

TA — Tax Allocation

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2016 is valuing the Fund’s investments and other financial instruments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	698,113	$	—	$	698,113
Short-Term Investments		110,205		—		—		110,205
Total Investments in Securities	$	110,205	$	698,113	$	—	$	808,318

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 42

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [88.4%]
Advertising Agencies [2.0%]
MDC Partners
6.750%, 04/01/20(A)	$	950	$	982
6.500%, 05/01/24(A)		550		562
Total Advertising Agencies				1,544
Aerospace & Defense [1.3%]
LMI Aerospace
7.375%, 07/15/19		500		470
StandardAero Aviation Holdings
10.000%, 07/15/23(A)		575		549
Total Aerospace & Defense				1,019
Air Transportation [0.7%]
CEVA Group
7.000%, 03/01/21(A)		625		498
Airlines [0.1%]
Continental Airlines, Ser 2009-2, Cl B
9.250%, 05/10/17		75		79
Automotive [1.1%]
Midas Intermediate Holdco II
7.875%, 10/01/22(A)		925		860
Banks [0.4%]
Compass Bank
3.875%, 04/10/25		300		281
Broadcasting & Cable [5.4%]
Anixter
5.500%, 03/01/23(A)		450		455
CCO Holdings
6.500%, 04/30/21		300		310
5.875%, 04/01/24(A)		400		419
CCOH Safari
5.750%, 02/15/26(A)		500		517
CSC Holdings
6.750%, 11/15/21		250		257
5.250%, 06/01/24		100		89
Discovery Communications
4.900%, 03/11/26		250		258
DISH DBS
5.875%, 07/15/22		650		616
5.875%, 11/15/24		500		459
Midcontinent Communications & Midcontinent Finance
6.875%, 08/15/23(A)		300		310
Numericable Group
6.250%, 05/15/24(A)		500		485
Total Broadcasting & Cable				4,175
Building & Construction [2.2%]
GCP Applied Technologies
9.500%, 02/01/23(A)		250		271
Lennar
4.750%, 04/01/21		300		304
Reliance Intermediate Holdings
6.500%, 04/01/23(A)		400		411
Standard Industries
5.500%, 02/15/23(A)		300		307
Summit Materials
8.500%, 04/15/22(A)		350		361
Total Building & Construction				1,654
Coal Mining [1.1%]
CONSOL Energy
8.000%, 04/01/23		700		523
5.875%, 04/15/22		450		324
Total Coal Mining				847
Commercial Serv-Finance [0.6%]
WEX
4.750%, 02/01/23(A)		550		484

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 43

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Computer Graphics [1.9%]
Epicor Software
9.250%, 05/21/23	$	1,600	$	1,465
Computer System Design & Services [2.0%]
Brocade Communications Systems
4.625%, 01/15/23		450		436
NCR
6.375%, 12/15/23		400		412
5.875%, 12/15/21		650		665
Total Computer System Design & Services				1,513
Consumer Products & Services [2.9%]
Central Garden & Pet
6.125%, 11/15/23		600		624
Reynolds Group Issuer
6.875%, 02/15/21		200		207
WMG Acquisition
6.750%, 04/15/22(A)		500		495
6.000%, 01/15/21(A)		843		862
Total Consumer Products & Services				2,188
Containers & Packaging [2.4%]
Coveris Holdings
7.875%, 11/01/19(A)		200		179
Novelis
8.750%, 12/15/20		750		757
Reynolds Group Issuer
7.875%, 08/15/19		900		932
Total Containers & Packaging				1,868
Data Processing/Mgmt [1.0%]
First Data
7.000%, 12/01/23(A)		200		202
5.000%, 01/15/24(A)		550		551
Total Data Processing/Mgmt				753
Diversified Operations [0.9%]
Actuant
5.625%, 06/15/22		300		304
Amsted Industries
5.375%, 09/15/24(A)		400		384
Total Diversified Operations				688
E-Commerce/Services [0.4%]
Match Group
6.750%, 12/15/22(A)		275		279
Electric Utilities [2.1%]
AES
7.375%, 07/01/21		750		840
3.283%, 03/01/16(B)		350		338
Terraform Global Operating
9.750%, 08/15/22(A)		550		412
Total Electric Utilities				1,590
Energy & Power [2.1%]
ContourGlobal Power Holdings
7.125%, 06/01/19(A)		1,250		1,214
TerraForm Power Operating
6.125%, 06/15/25(A)		125		98
5.875%, 02/01/23(A)		350		283
Total Energy & Power				1,595
Enterprise Software/Serv [2.9%]
Infor US
6.500%, 05/15/22		1,050		955
Information US
5.750%, 08/15/20(A)		300		309
Open Text
5.625%, 01/15/23(A)		900		918
Total Enterprise Software/Serv				2,182
Entertainment & Gaming [1.5%]
Buffalo Thunder Development Authority
11.000%, 12/09/22(A) (G)		35		18
0.000%, 11/15/29(A) (D) (G)		16		—
Cinemark USA
4.875%, 06/01/23(A)		250		252
Mashantucket Western Pequot Tribe
6.500%, 07/01/36(G)		88		—
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		250		251
Wynn Las Vegas
5.500%, 03/01/25(A)		725		683
Total Entertainment & Gaming				1,204

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 44

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Financial Services [4.8%]
Icahn Enterprises
5.875%, 02/01/22	$	450	$	427
Jefferies Finance
7.500%, 04/15/21(A)		500		430
7.375%, 04/01/20(A)		895		774
Jefferies LoanCore
6.875%, 06/01/20(A)		450		384
Lincoln Finance
6.875%, 04/15/21		700		826
NewStar Financial
7.250%, 05/01/20		450		405
Oxford Finance
7.250%, 01/15/18(A)		450		445
Total Financial Services				3,691
Food, Beverage & Tobacco [4.1%]
Anheuser-Busch InBev Finance
3.300%, 02/01/23		300		312
Bumble Bee Holdco SCA
9.625%, 03/15/18(A) (C)		350		345
Bumble Bee Holdings
9.000%, 12/15/17(A)		923		925
Darling Ingredients
5.375%, 01/15/22		300		307
TreeHouse Foods
6.000%, 02/15/24(A)		75		80
Vector Group
7.750%, 02/15/21		1,100		1,155
Total Food, Beverage & Tobacco				3,124
Food-Wholesale/Distrib [0.6%]
KeHE Distributors
7.625%, 08/15/21(A)		450		431
Gas-Distribution [1.2%]
LBC Tank Terminals Holding Netherlands
6.875%, 05/15/23(A)		950		884
Gold Mining [1.3%]
Eldorado
6.125%, 12/15/20(A)		850		776
Yamana
4.950%, 07/15/24		300		254
Total Gold Mining				1,030
Hospital Beds/Equipment [0.4%]
Kinetic Concepts
7.875%, 02/15/21(A)		300		317
Hotels and Motels [0.3%]
Interval Acquisition
5.625%, 04/15/23(A)		200		201
Industrial [0.4%]
Unifrax I
7.500%, 02/15/19(A) (G)		450		278
Insurance [1.5%]
HUB International
9.250%, 02/15/21(A)		100		104
Ironshore Holdings US
8.500%, 05/15/20(A)		950		1,090
Total Insurance				1,194
Internet Connectiv Svcs [1.1%]
Cogent Communications Group
5.375%, 03/01/22(A)		300		295
Zayo Group
6.375%, 05/15/25		550		538
Total Internet Connectiv Svcs				833
Internet Infrastr Sftwr [0.4%]
TIBCO Software
11.375%, 12/01/21(A)		350		306
Investment Banker/Broker Dealer [1.1%]
National Financial Partners
9.000%, 07/15/21(A)		850		816
Investment Banks [0.5%]
Citigroup
6.300%, 12/29/49(B)		400		384
Machinery [0.6%]
CNH Industrial Capital
4.875%, 04/01/21		250		249
4.375%, 11/06/20		250		246
Total Machinery				495
Medical Products & Services [4.2%]
Acadia Healthcare
6.500%, 03/01/24(A)		150		156

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 45

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Halyard Health
6.250%, 10/15/22	$	400	$	399
HCA
6.500%, 02/15/20		450		494
5.250%, 06/15/26		200		205
3.750%, 03/15/19		300		307
Opal Acquisition
8.875%, 12/15/21(A)		1,500		1,046
Tenet Healthcare
3.786%, 03/15/16(A) (B)		600		596
Total Medical Products & Services				3,203
Metals & Mining [0.9%]
Constellium
7.875%, 04/01/21(A)		250		249
Kaiser Aluminum
8.250%, 06/01/20		170		177
Novelis
8.375%, 12/15/17		300		305
Total Metals & Mining				731
Oil-Field Services [0.5%]
FTS International
7.783%, 03/01/16(A) (B)		550		371
Paper & Related Products [0.2%]
Cascades
5.750%, 07/15/23(A)		200		189
Petrochemicals [0.8%]
TPC Group
8.750%, 12/15/20(A)		825		578
Petroleum & Fuel Products [6.8%]
Antero Resources
5.625%, 06/01/23		350		322
5.125%, 12/01/22		350		318
Antero Resources Finance
5.375%, 11/01/21		50		46
Atlas Energy Holdings Operating
9.250%, 08/15/21(G)		725		112
7.750%, 01/15/21(G)		975		141
BreitBurn Energy Partners
7.875%, 04/15/22		1,100		110
Comstock Resources
10.000%, 03/15/20(A)		775		382
Crestwood Midstream Partners
6.125%, 03/01/22		550		413
DCP Midstream
5.350%, 03/15/20(A)		50		43
EP Energy
9.375%, 05/01/20		500		252
6.375%, 06/15/23		400		184
FTS International
6.250%, 05/01/22		450		50
Gibson Energy
6.750%, 07/15/21(A)		300		276
Legacy Reserves
8.000%, 12/01/20		760		146
6.625%, 12/01/21		600		114
Milagro Oil & Gas
10.500%, 05/15/16(D) (G)		400		110
QEP Resources
5.250%, 05/01/23		300		261
Sabine Pass Liquefaction
6.250%, 03/15/22		50		49
5.625%, 02/01/21		200		192
5.625%, 04/15/23		950		903
SandRidge Energy
8.750%, 06/01/20(A)		775		188
Unit
6.625%, 05/15/21		850		427
Whiting Petroleum
5.750%, 03/15/21		215		143
Total Petroleum & Fuel Products				5,182
Publishing-Books [1.4%]
McGraw-Hill Global Education Holdings
9.750%, 04/01/21		1,000		1,085
Real Estate Investment Trusts [2.0%]
Hospitality Properties Trust
4.500%, 03/15/25		550		529
Kennedy-Wilson
5.875%, 04/01/24		1,050		1,026
Total Real Estate Investment Trusts				1,555
Real Estate Oper/Develop [0.3%]
Greystar Real Estate Partners
8.250%, 12/01/22(A)		250		258
Retail [4.7%]
AmeriGas Finance
7.000%, 05/20/22		1,010		1,035
Carrols Restaurant
8.000%, 05/01/22		200		214

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 46

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Ferrellgas
6.750%, 01/15/22	$	300	$	266
6.750%, 06/15/23(A)		600		527
6.500%, 05/01/21		50		44
Group 1 Automotive
5.250%, 12/15/23(A)		250		247
L Brands
6.875%, 11/01/35		100		109
Men’s Wearhouse
7.000%, 07/01/22		300		254
Nathan’s Famous
10.000%, 03/15/20(A)		350		368
NPC International
10.500%, 01/15/20		325		336
PF Chang’s China Bistro
10.250%, 06/30/20(A)		285		258
Total Retail				3,658
Security Brokers & Dealers [0.3%]
Citigroup
5.950%, 04/24/16(B)		200		193
Semi-Conductors [1.6%]
Applied Materials
3.900%, 10/01/25		250		265
Micron Technology
5.250%, 08/01/23(A)		1,150		940
Total Semi-Conductors				1,205
Telecommunication Equip [1.4%]
Avaya
7.000%, 04/01/19(A)		850		574
CommScope Technologies Finance
6.000%, 06/15/25(A)		500		505
Total Telecommunication Equip				1,079
Telephones & Telecommunications [7.5%]
Altice US Finance I
5.375%, 07/15/23(A)		350		359
CenturyLink
5.625%, 04/01/25		350		313
Interoute Finco
7.375%, 10/15/20(A)		500		614
Level 3 Financing
5.250%, 03/15/26(A)		200		201
Neptune Finco
6.625%, 10/15/25(A)		900		973
Sirius XM Canada Holdings
5.625%, 04/23/21(A)		600		446
Sprint
7.875%, 09/15/23		350		268
7.625%, 02/15/25		50		37
Sprint Communications
9.000%, 11/15/18(A)		900		943
Sprint Nextel
7.000%, 03/01/20(A)		50		50
T-Mobile USA
6.500%, 01/15/26		925		961
6.000%, 04/15/24 (E)		200		202
UPCB Finance IV
5.375%, 01/15/25(A)		300		304
Total Telephones & Telecommunications				5,671
Transportation Services [1.7%]
HRG Group
7.875%, 07/15/19		954		1,006
Sabre GLBL
5.250%, 11/15/23(A)		300		305
Total Transportation Services				1,311
Utility [0.8%]
Suburban Propane Partners
5.750%, 03/01/25		250		239
5.500%, 06/01/24		350		338
Total Utility				577
Total Corporate Bonds
(Cost $76,940)				67,596
Loan Participations [7.7%]
Automotive [0.7%]
Mavis Tire Supply, Term Loan
6.250%, 11/02/20(G)		547		535
Communications [0.6%]
Tibco Software, First Lien Term Loan
6.500%, 12/04/20		545		488
Computers & Electronics [0.5%]
Advanced Computer, Second Lien Term Loan
10.500%, 01/31/23		400		367

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 47

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)		Value (000)
Energy [0.6%]
Frac Tech International, Term Loan B
5.750%, 04/16/21	$	165	$	19
Invenergy Thermal, First Lien Term Loan
6.500%, 10/07/22		449		422
Total Energy				441
Healthcare Services [0.2%]
LSFP Cypress, First Lien Term Loan
7.250%, 10/07/22		200		189
Information Technology [0.7%]
Avaya, First Lien Term Loan B-7
6.250%, 05/29/20		192		128
Solera, Term Loan B
5.750%, 02/28/23		450		449
Total Information Technology				577
Manufacturing [0.3%]
Pelican Products, Term Loan
9.250%, 04/09/21		250		209
Metals & Mining [0.3%]
Noranda Aluminum, Term Loan
0.000%, 11/08/16(F) (G)		115		110
5.750%, 02/24/19		395		115
Total Metals & Mining				225
Oil & Gas [0.2%]
Cactus Wellhead, First Lien Term Loan
7.000%, 07/31/20		346		121
Restaurants [0.7%]
Jack’s Family Restaurants, Cov-Lite Term Loan
5.750%, 06/24/22(G)		529		518
Retail [1.7%]
Belk, First Lien Term Loan
1.631%, 11/18/22		450		397
Hardware Holdings, Term Loan B
6.750%, 03/30/20(G)		395		385
Description	Face Amount (000)/Shares		Value (000)
Petco Animal Supplies Inc, Term Loan B1
5.750%, 01/15/23	$	375	$	374
Petco Animal Supplies Inc, Term Loan B2
5.619%, 01/15/23		125		125
Total Retail				1,281
Specialty Apparel Stores [0.7%]
Boot Barn, First Lien Term Loan
5.500%, 06/24/21(G)		546		522
Transportation [0.5%]
CEVA Group, Term Loan
6.500%, 03/19/21		185		152
Navistar, Tranche B Term Loan
6.500%, 08/17/17		299		273
Total Transportation				425
Total Loan Participations
(Cost $6,775)				5,898
Common Stock [0.5%]
Electronic Equipment & Instruments [0.0%]
CUI * (E) (G)		0		8
Metals & Mining [0.0%]
Mirabela Nickel * (E) (F)		2,465,571		—
Miscellaneous Manufacturing [0.0%]
CEVA Group * (E) (G)		22		10
Printing & Publishing [0.5%]
Houghton Mifflin Harcourt *		16,866		337
Total Common Stock
(Cost $853)				355
Mortgage-Backed Security [0.2%]
SRERS Funding, Ser 2011-RS, Cl A1B1
0.430%, 01/09/16(A) (B)	$	140		134
Total Mortgage-Backed Security
(Cost $124)				134

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 48

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (continued)

Description	Face Amount (000)/Shares		Value (000)
Convertible Bond [0.2%]
Metals & Mining [0.2%]
Mirabela Nickel
9.500%, 06/24/19(A) (E) (G)	$	623	$	162
Total Convertible Bond
(Cost $624)				162
Preferred Stock [0.0%]
Miscellaneous Manufacturing [0.0%]
CEVA Group, Ser A2 * (G)		49		22
Total Preferred Stock
(Cost $44)				22
Special Stock [0.0%]
Broadcasting & Cable [0.0%]
Adelphia Recovery Trust (E) (F)		8,500		—
Total Special Stock
(Cost $9)				—
Short-Term Investments [1.8%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%** ‡		629,741		630
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.290%**		698,523		698
Total Short-Term Investments
(Cost $1,328)				1,328
Total Investments [98.8%]
(Cost $86,697)			$	75,495

Percentages are based on Net Assets of $76,450 (000).

‡ Investment in Affiliate.

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2016.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $35,983 (000), representing 47.1% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(C) Payment in Kind Bond.

(D) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(E) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2016 was $382 (000) and represented 0.5% of net assets of the Fund.

(F) Unfunded bank loan. Interest rate not available.

(G) Security is considered illiquid. The total value of such security as of March 31, 2016, was $2,931 (000) and represented 3.8% of the net assets of the Fund.

CAD — Canadian Dollar

Cl — Class

EUR — Euro

Ser — Series

USD — U.S. Dollar

Amounts designated as “—” are either $0 or have been rounded to $0.

A list of the outstanding foreward foreign currency contracts held by the Fund at March 31, 2016 is as follows:

Counterparty	Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Depreciation (000)
Bank of America	4/11/16	EUR	710	USD	794	$	(14	)
US Bank	4/11/16	CAD	585	USD	459		(11	)
US Bank	4/11/16	EUR	537	USD	591		(20	)
						$	(45	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Depreciation (000)
Bank of America	$	(808	)	$	794	$	(14	)
US Bank		(1,062	)		1,030		(31	)
						$	(45	)

For the period ended March 31, 2016, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 49

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale High Yield Bond Fund (concluded)

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	67,394	$	202	$	67,596
Loan Participations		—		5,898		—		5,898
Common Stock		337		—		18		355
Mortgage-Backed Security		—		134		—		134
Convertible Bond		—		—		162		162
Preferred Stock		—		22		—		22
Special Stock		—		—		—		—
Short-Term Investments		1,328		—		—		1,328
Total Investments in Securities	$	1,665	$	73,448	$	382	$	75,495

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Depreciation	$	—	$	(45	)	$	—	$	(45	)

* Forwards contracts are valued at the unrealized depreciation on the instrument.

(1) A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets.

For the period ended March 31, 2016, there have been transfers between Level 1 and Level 2 assets and liabilities.

For the period ended March 31, 2016, there have been transfers between Level 2 and Level 3 assets and liabilities.

The transfers between fair values hierarchy levels were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 50

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [72.3%]
Consumer Discretionary [3.6%]
AutoZone
3.700%, 04/15/22	$	250	$	261
2.500%, 04/15/21		1,000		1,003
CBS
3.375%, 03/01/22		175		181
Comcast
3.125%, 07/15/22		200		212
Expedia
5.950%, 08/15/20		250		279
Gap
5.950%, 04/12/21		495		536
Harley-Davidson Financial Services, MTN
1.550%, 11/17/17(A)		3,725		3,736
Home Depot
2.625%, 06/01/22		1,000		1,034
Hyundai Capital America
2.600%, 03/19/20(A)		1,000		1,000
Scripps Networks Interactive
2.700%, 12/15/16		1,000		1,009
Time Warner Cable
4.125%, 02/15/21		165		174
Toys R Us Property II
8.500%, 12/01/17		1		1
Tupperware Brands
4.750%, 06/01/21		500		519
Viacom
6.250%, 04/30/16		49		49
Yum! Brands
6.250%, 03/15/18		30		32
Total Consumer Discretionary				10,026
Consumer Staples [2.6%]
Avon Products
6.500%, 03/01/19		250		214
Bunge Finance
8.500%, 06/15/19		105		122
5.900%, 04/01/17		100		104
Campbell Soup
8.875%, 05/01/21		350		447
ConAgra Foods
4.950%, 08/15/20		178		193
1.900%, 01/25/18		200		201
CVS Health
3.500%, 07/20/22		2,000		2,144
JM Smucker
3.000%, 03/15/22		500		514
Kraft Heinz Foods
3.500%, 07/15/22(A)		500		525
PepsiCo
3.100%, 07/17/22		2,620		2,796
Total Consumer Staples				7,260
Energy [1.8%]
Boardwalk Pipelines
5.875%, 11/15/16		146		146
5.500%, 02/01/17		221		221
ConocoPhillips
5.750%, 02/01/19		290		315
DCP Midstream
9.750%, 03/15/19(A)		114		109
Duke Capital
6.750%, 07/15/18		745		793
Ecopetrol
7.625%, 07/23/19		250		274
Enbridge Energy Partners
5.875%, 12/15/16		191		194
Energy Transfer Partners
9.700%, 03/15/19		330		365
9.000%, 04/15/19		189		202
6.125%, 02/15/17		426		436
3.600%, 02/01/23		200		173

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 51

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Enterprise Products Operating
6.500%, 01/31/19	$	140	$	153
Kinder Morgan Energy Partners
5.300%, 09/15/20		125		130
Panhandle Eastern Pipe Line
7.000%, 06/15/18		396		419
Plains All American Pipeline
5.875%, 08/15/16		205		206
PPL Energy Supply
6.200%, 05/15/16		105		106
Puget Energy
6.000%, 09/01/21		500		570
Sabine Pass LNG
7.500%, 11/30/16		100		103
Spectra Energy Capital
6.200%, 04/15/18		135		142
Total Energy				5,057
Financials [35.5%]
ACE INA Holdings
5.800%, 03/15/18		300		325
Alleghany
5.625%, 09/15/20		270		298
American Express
1.208%, 05/22/18(B)		3,000		2,980
American Express Credit, MTN
2.800%, 09/19/16		175		177
American Tower
4.000%, 06/01/25		1,800		1,857
Axis Specialty Finance
5.875%, 06/01/20		250		272
Bank of America
5.700%, 05/02/17		950		988
5.420%, 03/15/17		42		43
Bank of America, MTN
1.482%, 04/01/19(B)		5,000		4,952
Bank of Montreal, MTN
1.450%, 04/09/18		340		340
Bank of Nova Scotia
2.450%, 03/22/21		5,330		5,369
Barclays
4.375%, 01/12/26		1,500		1,471
BB&T, MTN
1.600%, 08/15/17		355		355
Bear Stearns
7.250%, 02/01/18		275		302
5.550%, 01/22/17		468		483
Capital One Financial
4.200%, 10/29/25		1,000		1,012
1.500%, 03/22/18		475		468
Citigroup
4.500%, 01/14/22		2,000		2,190
CNA Financial
6.950%, 01/15/18		1,076		1,159
Commonwealth Bank of Australia, MTN
5.000%, 10/15/19(A)		150		165
Commonwealth Bank of Australia NY, MTN
2.550%, 03/15/21		5,000		5,057
Credit Suisse NY, MTN
5.300%, 08/13/19		150		165
Daimler Finance North America
1.875%, 01/11/18(A)		4,200		4,222
Discover Bank
3.100%, 06/04/20		1,000		1,007
ERAC USA Finance
3.300%, 10/15/22(A)		250		254
Ford Motor Credit
1.700%, 05/09/16		1,000		1,001
Goldman Sachs Group
6.250%, 09/01/17		550		586
6.150%, 04/01/18		150		162
5.625%, 01/15/17		700		722
Goldman Sachs Group, MTN
6.000%, 06/15/20		500		570
HCP
4.000%, 06/01/25		2,770		2,662
HSBC Finance
6.676%, 01/15/21		83		95
HSBC Holdings
3.400%, 03/08/21		5,000		5,103
ING Bank
3.750%, 03/07/17(A)		200		204
Jefferies Group
5.125%, 01/20/23		2,700		2,710
JPMorgan Chase
4.950%, 03/25/20		100		110
4.250%, 10/15/20		150		162
3.125%, 01/23/25		4,700		4,716
Lehman Brothers Holdings, MTN
7.000%, 09/28/37(C)		400		29
Macquarie Bank, MTN
2.600%, 06/24/19(A)		4,200		4,239
Marsh & McLennan, MTN
2.550%, 10/15/18		100		102
MetLife
6.817%, 08/15/18		3,500		3,903

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 52

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Metropolitan Life Global Funding I
3.875%, 04/11/22(A)	$	125	$	134
Moody’s
5.500%, 09/01/20		800		897
Morgan Stanley
3.750%, 02/25/23		5,000		5,210
MUFG Americas Holdings
2.250%, 02/10/20		2,000		1,990
NASDAQ OMX Group
5.550%, 01/15/20		1,249		1,379
National Bank of Canada, MTN
1.450%, 11/07/17		750		750
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		125		152
6.550%, 11/01/18		300		335
Navient, MTN
5.000%, 06/15/18		2		2
Penske Truck Leasing
3.750%, 05/11/17(A)		3,000		3,046
Principal Financial Group
8.875%, 05/15/19		130		154
3.300%, 09/15/22		200		203
Protective Life
6.400%, 01/15/18		250		268
Prudential Financial, MTN
5.375%, 06/21/20		145		162
Silicon Valley Bank
6.050%, 06/01/17		355		369
Simon Property Group
10.350%, 04/01/19		3,500		4,317
SunTrust Banks
6.000%, 09/11/17		254		269
Svenska Handelsbanken, MTN
5.125%, 03/30/20(A)		5,800		6,446
TD Ameritrade Holding
5.600%, 12/01/19		290		324
Toronto-Dominion Bank, MTN
1.181%, 11/05/19(B)		3,100		3,065
Toyota Motor Credit, MTN
2.000%, 09/15/16		100		101
US Bank
2.125%, 10/28/19		4,500		4,582
Volkswagen International Finance
2.375%, 03/22/17(A)		125		125
Wells Fargo Bank
5.750%, 05/16/16		100		100
Wilmington Trust
8.500%, 04/02/18		315		354
Total Financials				97,721
Health Care [1.3%]
Actavis
3.250%, 10/01/22		500		512
Laboratory Corp of America Holdings
3.200%, 02/01/22		2,530		2,565
UnitedHealth Group
4.700%, 02/15/21		200		226
1.625%, 03/15/19		250		252
Total Health Care				3,555
Industrials [4.6%]
Carlisle
3.750%, 11/15/22		250		256
Eaton
8.875%, 06/15/19		125		147
Embraer Overseas
5.696%, 09/16/23(A)		520		491
GATX
6.000%, 02/15/18		170		181
GE Capital International Funding, MTN
0.964%, 04/15/16(A)		4,886		4,886
General Electric Capital, MTN
4.375%, 09/16/20		150		168
IDEX
4.200%, 12/15/21		250		265
Lennox International
4.900%, 05/15/17		250		256
NuStar Logistics
4.800%, 09/01/20		200		176
Owens Corning
6.500%, 12/01/16		36		37
PACCAR Financial, MTN
1.750%, 08/14/18		4,000		4,021
Penske Truck Leasing
4.875%, 07/11/22(A)		200		214
4.250%, 01/17/23(A)		300		304
3.375%, 03/15/18(A)		250		255
Republic Services
3.550%, 06/01/22		250		264
Roper Industries
3.125%, 11/15/22		200		199
1.850%, 11/15/17		250		250

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 53

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Xylem
3.550%, 09/20/16	$	200	$	200
Total Industrials				12,570
Information Technology [8.5%]
Apple
0.870%, 02/07/20(B)		7,238		7,157
Arrow Electronics
6.875%, 06/01/18		400		434
Avnet
6.625%, 09/15/16		128		131
Fiserv
3.500%, 10/01/22		250		263
2.700%, 06/01/20		2,000		2,034
KLA-Tencor
4.650%, 11/01/24		2,500		2,520
Lexmark International
5.125%, 03/15/20		2,250		2,349
Nokia
5.375%, 05/15/19		950		1,016
Oracle
2.500%, 05/15/22		5,000		5,101
Texas Instruments
1.650%, 08/03/19		295		298
Western Union
5.253%, 04/01/20		2,000		2,165
Total Information Technology				23,468
Materials [4.0%]
Airgas
2.900%, 11/15/22		250		248
Avery Dennison
5.375%, 04/15/20		405		447
Cabot
5.000%, 10/01/16		300		305
Glencore Canada
5.500%, 06/15/17		1,010		1,020
Glencore Funding
1.982%, 01/15/19(A) (B)		2,000		1,750
1.700%, 05/27/16(A)		1,500		1,495
Rio Tinto Finance USA
6.500%, 07/15/18		100		109
3.750%, 06/15/25		5,780		5,633
Total Materials				11,007
REITs [2.1%]
Boston Properties
5.875%, 10/15/19		140		157
Common Wealth REIT
5.875%, 09/15/20		105		114
DDR
4.625%, 07/15/22		250		265
Equity One
3.750%, 11/15/22		250		251
Highwoods Realty
3.625%, 01/15/23		200		199
HRPT Properties Trust
6.650%, 01/15/18		300		315
Liberty Property, MTN
7.500%, 01/15/18		177		193
National Retail Properties
6.875%, 10/15/17		300		322
3.800%, 10/15/22		350		363
Prologis
3.350%, 02/01/21		2,200		2,292
Realty Income
5.950%, 09/15/16		129		131
3.250%, 10/15/22		200		197
Senior Housing Properties Trust
6.750%, 12/15/21		500		552
Washington Real Estate Investment Trust
3.950%, 10/15/22		250		250
Welltower
4.950%, 01/15/21		155		169
Total REITs				5,770
Telecommunication Services [5.9%]
America Movil
3.125%, 07/16/22		4,000		4,106
AT&T
5.600%, 05/15/18		310		335
3.600%, 02/17/23		5,000		5,194
CenturyLink
6.450%, 06/15/21		355		360
5.800%, 03/15/22		250		241
COX Communications, MTN
6.850%, 01/15/18		224		238
Deutsche Telekom International Finance BV
6.000%, 07/08/19		50		56
Qwest
6.500%, 06/01/17		100		104
Telefonica Emisiones SAU
6.421%, 06/20/16		275		278
6.221%, 07/03/17		286		302
5.462%, 02/16/21		115		131
5.134%, 04/27/20		300		332

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 54

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Verizon Communications
4.600%, 04/01/21	$	4,100	$	4,553
Total Telecommunication Services				16,230
Utilities [2.4%]
Arizona Public Service
6.250%, 08/01/16		44		45
British Transco Finance
6.625%, 06/01/18		128		141
Cleveland Electric Illuminating
7.880%, 11/01/17		10		11
5.700%, 04/01/17		6		6
Entergy Mississippi
6.640%, 07/01/19		540		615
Entergy Texas
7.125%, 02/01/19		190		216
Exelon Generation
6.200%, 10/01/17		2,125		2,260
Jersey Central Power & Light
5.625%, 05/01/16		265		266
Korea Electric Power
6.750%, 08/01/27		75		97
National Fuel Gas
4.900%, 12/01/21		500		488
Nisource Capital Markets, MTN
7.860%, 03/27/17		163		167
Northern Indiana Public Service, MTN
7.590%, 06/12/17		440		452
Pennsylvania Electric
6.625%, 04/01/19		15		16
Puget Energy
5.625%, 07/15/22		250		280
Puget Sound Energy, MTN
6.740%, 06/15/18		57		63
Southwestern Electric Power
5.875%, 03/01/18		581		625
3.550%, 02/15/22		500		523
Southwestern Public Service
8.750%, 12/01/18		250		295
Xcel Energy
5.613%, 04/01/17		10		10
Total Utilities				6,576
Total Corporate Bonds
(Cost $196,717)				199,240
Description	Face Amount (000)/Shares		Value (000)
U.S. Treasury Obligations [6.8%]
U.S. Treasury Notes
2.750%, 02/15/19	$	845	$	890
2.625%, 11/15/20		425		452
2.375%, 07/31/17		1,010		1,032
2.250%, 11/15/24		4,500		4,692
2.000%, 02/15/25		2,300		2,349
1.750%, 10/31/18		610		625
1.250%, 04/30/19		2,375		2,401
0.875%, 07/31/19		815		813
United States Treasury Inflation Indexed Bonds
0.625%, 01/15/26		5,299		5,556
Total U.S. Treasury Obligations
(Cost $18,450)				18,810
U.S. Government Agency Obligations [6.0%]
FHLMC
1.750%, 05/30/19		3,000		3,072
1.000%, 09/29/17		660		662
FNMA
1.875%, 09/18/18		150		154
1.875%, 12/28/20		5,000		5,130
1.625%, 11/27/18		6,000		6,119
1.375%, 11/15/16		460		462
1.125%, 04/27/17		470		472
0.875%, 05/21/18		350		351
Total U.S. Government Agency Obligations
(Cost $16,130)				16,422
Preferred Stock [2.9%]
Financials [1.0%]
BB&T		10,000		256
Citigroup		10,000		258
Goldman Sachs Group		25,000		646
HSBC Holdings		30,000		786
JPMorgan Chase		20,000		510
Prudential Financial		10,000		262
Total Financials				2,718
Industrials [0.3%]
Pitney Bowes		10,000		269
Stanley Black & Decker		20,000		521
Total Industrials				790

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 55

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Shares/ Face Amount (000)		Value (000)
REITs [1.2%]
Digital Realty Trust		10,000	$	265
Kimco Realty		10,000		257
National Retail Properties		20,000		522
Realty Income		20,000		521
Senior Housing Properties Trust		52,500		1,313
Vornado Realty Trust		20,000		512
Total REITs				3,390
Telecommunication Services [0.2%]
Telephone & Data Systems		30,000		741
Utilities [0.2%]
SCE Trust I		20,000		510
Total Preferred Stock
(Cost $7,904)				8,149
Closed-End Fund [2.0%]
Stone Ridge Reinsurance Risk Premium Interval Fund (E)		531,545		5,454
Total Closed-End Fund
(Cost $5,417)				5,454
Municipal Bonds [2.0%]
California [0.6%]
State of California Department of Water Resources Power Supply Revenue, Ser L
Callable 05/01/20 @ 100
5.000%, 05/01/21(D)		1,315		1,523
Florida [1.4%]
Florida State, Hurricane Catastrophe Fund Finance, Ser A, RB
2.107%, 07/01/18		3,870		3,915
Total Municipal Bonds
(Cost $5,357)				5,438
Asset-Backed Securities [1.9%]
Bayview Financial Acquisition Trust, Ser 2007-A, Cl 1A2
6.205%, 05/28/37		81		85
BT SPE (Acquired 07/06/11, Acquisition Cost $1,102,589)
9.250%, 06/06/16 (E) (F) (G)		573		509
Carmax Auto Owner Trust, Ser 2014-2, Cl A3
0.980%, 01/15/19		4,523		4,519
Cityscape Home Equity Loan Trust Series, Ser 1997-C, Cl A4
7.000%, 07/25/28 (F)		5		—
Conseco Financial, Ser 1997-7, Cl A6
6.760%, 07/15/28		12		12
Contimortgage Home Equity Loan Trust, Ser 1997-2, Cl A9
7.090%, 04/15/28		—		—
GMACM Mortgage Loan Trust, Ser 2004-GH1, Cl A6
4.810%, 07/25/35		6		6
Total Asset-Backed Securities
(Cost $5,200)				5,131
U.S. Government Mortgage-Backed Obligations [1.8%]
FHLMC, Pool 1B2677
2.775%, 01/01/35(B)		5		6
FHLMC, Pool 1B2683
2.770%, 01/01/35(B)		3		3
FHLMC, Pool 1B2692
2.634%, 12/01/34(B)		9		10
FHLMC, Pool A93505
4.500%, 08/01/40		35		38
FHLMC, Pool A93996
4.500%, 09/01/40		52		57
FHLMC, Pool C03490
4.500%, 08/01/40		272		296
FHLMC, Pool C09015
3.000%, 10/01/42		208		214
FHLMC, Pool C20300
6.500%, 01/01/29		1		2
FHLMC, Pool E01280
5.000%, 12/01/17		2		2
FHLMC, Pool G02940
5.500%, 05/01/37		8		9
FHLMC, Pool G04222
5.500%, 04/01/38		15		16
FHLMC, Pool G04913
5.000%, 03/01/38		57		63
FHLMC, Pool G08003
6.000%, 07/01/34		16		18
FHLMC, Pool G11431
6.000%, 08/01/18		1		1
FHLMC, Pool G11880
5.000%, 12/01/20		10		11

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 56

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
FHLMC, Pool G18124
6.000%, 06/01/21	$	8	$	8
FHLMC, Pool J19197
3.000%, 05/01/27		137		143
FHLMC, Pool Q08998
3.500%, 06/01/42		169		177
FHLMC, Pool Q10378
3.000%, 08/01/42		199		204
FHLMC, Ser 2004-2804, Cl VC, Pool FHR 2804 VC
5.000%, 07/15/21		81		84
FHLMC Multifamily Structured Pass Through Certificates, Ser K003, Cl A4
5.053%, 01/25/19		150		164
FHLMC Multifamily Structured Pass Through Certificates, Ser K704, Cl A2
2.412%, 08/25/18		400		409
FHLMC Multifamily Structured Pass Through Certificates, Ser K705, Cl A2
2.303%, 09/25/18		200		205
FHLMC Multifamily Structured Pass Through Certificates, Ser K708, Cl A2
2.130%, 01/25/19		300		306
FNMA, Pool 252570
6.500%, 07/01/29		5		6
FNMA, Pool 253183
7.500%, 04/01/30		1		1
FNMA, Pool 253398
8.000%, 08/01/30		1		2
FNMA, Pool 254545
5.000%, 12/01/17		4		4
FNMA, Pool 254685
5.000%, 04/01/18		5		5
FNMA, Pool 254949
5.000%, 11/01/33		11		13
FNMA, Pool 255814
5.500%, 08/01/35		19		22
FNMA, Pool 303168
9.500%, 02/01/25		2		2
FNMA, Pool 725424
5.500%, 04/01/34		18		20
FNMA, Pool 735060
6.000%, 11/01/34		11		13
FNMA, Pool 735228
5.500%, 02/01/35		9		11
FNMA, Pool 735230
5.500%, 02/01/35		23		26
FNMA, Pool 745275
5.000%, 02/01/36		92		102
FNMA, Pool 745418
5.500%, 04/01/36		106		119
FNMA, Pool 827223
2.090%, 04/01/35(B)		45		48
FNMA, Pool 844809
5.000%, 11/01/35		43		47
FNMA, Pool AD0454
5.000%, 11/01/21		19		20
FNMA, Pool AD8522
4.000%, 08/01/40		39		42
FNMA, Pool AE0828
3.500%, 02/01/41		308		324
FNMA, Pool AH0621
3.500%, 01/01/41		75		78
FNMA, Pool AJ1407
4.000%, 09/01/41		62		66
FNMA, Pool AJ7689
4.000%, 12/01/41		207		222
FNMA, Pool AK0971
3.000%, 02/01/27		127		133
FNMA, Pool AO2970
3.000%, 05/01/42		189		195
FNMA, Pool AO4137
3.500%, 06/01/42		182		191
FNMA, Pool MA1277
2.500%, 12/01/27		122		126
FNMA REMIC Trust, Ser 2004-W6, Cl 1A6
5.500%, 07/25/34		26		26
GNMA, Pool 780315
9.500%, 12/15/17		—		—
GNMA, Pool G2 4696
4.500%, 05/20/40		123		134
GNMA, Pool G2 4747
5.000%, 07/20/40		47		51
GNMA, Pool G2 4923
4.500%, 01/20/41		69		76
GNMA, Pool G2 MA0155
4.000%, 06/20/42		168		181
GNMA, Pool G2 MA0392
3.500%, 09/20/42		198		210
Total U.S. Government Mortgage-Backed Obligations
(Cost $4,754)				4,962

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 57

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (continued)

Description	Face Amount (000)		Value (000)
Foreign Government Bonds [1.3%]
Hashemite Kingdom of Jordan Government AID Bond
2.578%, 06/30/22	$	3,000	$	3,139
Mexico Government International Bond, MTN
5.125%, 01/15/20		100		110
Province of Newfoundland and Labrador Canada
7.320%, 10/13/23		100		126
Province of Quebec Canada, MTN
7.380%, 04/09/26(E)		100		131
Total Foreign Government Bonds
(Cost $3,350)				3,506
Commercial Mortgage-Backed Obligations [0.3%]
Commercial Mortgage Trust, Ser 2012-CR2, Cl A4
3.147%, 08/15/45		125		132
GS Mortgage Securities II, Ser GCJ9, Cl A3
2.773%, 11/10/45		275		280
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-LC11, Cl A5
2.960%, 04/15/46		150		155
Morgan Stanley Bank of America Merrill Lynch Trust, Ser C6, Cl A4
2.858%, 11/15/45		275		282
NCUA Guaranteed Notes Trust, Ser 2010-C1, Cl A2
2.900%, 10/29/20		53		53
Total Commercial Mortgage-Backed Obligations
(Cost $889)				902
Residential Mortgage-Backed Securities [0.0%]
Banc of America Alternative Loan Trust, Ser 2004-2, Cl 5A1
5.500%, 03/25/19		14		14
RAAC, Ser 2004-SP1, Cl AI4
5.285%, 08/25/27(B)		1		1
Residential Accredit Loans, Ser 2004-QS5, Cl A5
4.750%, 04/25/34		4		4
Residential Accredit Loans, Ser 2004-QS6, Cl A1
5.000%, 05/25/19		7		7
Description	Face Amount (000)/Shares		Value (000)
Residential Asset Mortgage Products, Ser 2002-RS3, Cl AI5
5.572%, 06/25/32(B)	$	26	$	26
WaMu Mortgage Pass-Through Certificates Series Trust, Ser 2004-CB2, Cl 5A
5.000%, 07/25/19		23		23
Total Residential Mortgage-Backed Securities
(Cost $75)				75
Short-Term Investments [1.6%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%*‡		2,209,909		2,210
SEI Daily Income Trust Government Fund, Cl A, 0.120%*		2,209,909		2,210
Total Short-Term Investments
(Cost $4,420)				4,420
Total Investments [98.9%]
(Cost $268,663)			$	272,509

Percentages are based on Net Assets of $275,462 (000).

* The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $33,600 (000), representing 12.2% of the net assets of the Fund.

(B) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(C) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(D) Pre-Refunded Security — The maturity date shown is the pre-refunded date.

(E) Security is considered illiquid. The total market value of such security as of March 31, 2016 was $5,454 (000) and represented 2.0% of net assets of the Fund.

(F) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2016 was $509 (000) and represented 0.2% of net assets of the Fund.

(G) Security is considered restricted. The total market value of such security as of March 31, 2016 was $509 (000) and represented 0.2% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 58

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Intermediate Fixed Income Fund (concluded)

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

NCUA — National Credit Union Administration

NY — New York

RB — Revenue Bond

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

Ser — Series

SPE — Special Purpose Entity

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	199,240	$	—	$	199,240
U.S. Treasury Obligations		—		18,810		—		18,810
U.S. Government Agency Obligations		—		16,422		—		16,422
Preferred Stock		5,570		2,579		—		8,149
Closed-End Fund		5,454		—		—		5,454
Municipal Bonds		—		5,438		—		5,438
Asset-Backed Securities		—		4,622		509		5,131
U.S. Government Mortgage-Backed Obligations		—		4,962		—		4,962
Foreign Government Bonds		—		3,506		—		3,506
Commercial Mortgage-Backed Obligations		—		902		—		902
Residential Mortgage-Backed Securities		—		75		—		75
Short-Term Investments		4,420		—		—		4,420
Total Investments in Securities	$	15,444	$	256,556	$	509	$	272,509

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2016:

	Investments in Asset-Backed Securities
Beginning balance as of October 1, 2015	$	560
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		2
Purchases		—
Sales/paydowns		(53	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2016	$	509
Changes in unrealized gains included in earnings related to securities still held at reporting date	$	2

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2016 (000)	Valuation Techniques
BT SPE	$509	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	7%-9.25%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2016, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2016, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 59

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund

Description	Face Amount (000)		Value (000)
Corporate Bonds [49.2%]
Advertising Sales [0.2%]
Clear Channel International BV
8.750%, 12/15/20(A)	$	500	$	516
Lamar Media
5.875%, 02/01/22		525		553
5.750%, 02/01/26(A)		100		105
5.375%, 01/15/24		475		495
5.000%, 05/01/23		450		468
Outfront Media Capital
5.875%, 03/15/25		675		704
5.625%, 02/15/24		600		625
5.250%, 02/15/22		300		307
Total Advertising Sales				3,773
Aerospace & Defense [0.2%]
Accudyne Industries Borrower
7.750%, 12/15/20(A)		900		711
Guanay Finance
6.000%, 12/10/20		478		463
TransDigm
7.500%, 07/15/21		100		105
6.500%, 07/15/24		875		868
6.500%, 05/15/25		925		904
6.000%, 07/15/22		950		947
5.500%, 10/15/20		350		351
Total Aerospace & Defense				4,349
Agricultural [0.0%]
Avangardco Investments Public
2.500%, 10/29/18		743		267
UKRLANDFARMING
10.875%, 03/26/18		1,940		592
Total Agricultural				859
Airlines [0.1%]
Avianca Holdings
8.375%, 05/10/20		1,300		1,021
SriLankan Airlines
5.300%, 06/27/19		1,500		1,417
Total Airlines				2,438
Airport Develop/Maint [0.3%]
Aeropuertos Dominicanos Siglo XXI
9.750%, 11/13/19		4,740		5,001
Applications Software [0.1%]
Emdeon
11.000%, 12/31/19		675		714
6.000%, 02/15/21(A)		775		756
Nuance Communications
5.375%, 08/15/20(A)		900		913
Total Applications Software				2,383
Auto Rent & Lease [0.4%]
Avis Budget Car Rental
6.375%, 04/01/24(A)		1,550		1,552
5.500%, 04/01/23		225		218
CAR
6.125%, 02/04/20		1,000		1,026
Hertz
6.750%, 04/15/19		575		583
6.250%, 10/15/22		1,400		1,400
United Rentals North America
6.125%, 06/15/23		500		516
5.750%, 11/15/24		175		175
5.500%, 07/15/25		1,075		1,070
4.625%, 07/15/23		325		323
Total Auto Rent & Lease				6,863
Auto/Trk Prts and Equip-Repl [0.1%]
JB Poindexter
9.000%, 04/01/22(A)		925		969
UCI International
8.625%, 02/15/19(B)		1,125		217
Total Auto/Trk Prts and Equip-Repl				1,186

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 60

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Autoparts [0.7%]
Affinia Group
7.750%, 05/01/21	$	1,325	$	1,365
American Axle & Manufacturing
7.750%, 11/15/19		600		657
6.625%, 10/15/22		675		700
6.250%, 03/15/21		275		284
International Automotive Components Group
9.125%, 06/01/18(A)		900		810
Lear
5.250%, 01/15/25		200		207
4.750%, 01/15/23		1,400		1,438
MPG Holdco I
7.375%, 10/15/22		1,000		990
Omega US Sub
8.750%, 07/15/23(A)		750		720
Schaeffler Finance BV
4.750%, 05/15/21(A)		625		641
4.750%, 05/15/23(A)		800		804
Schaeffler Finance BV, MTN
4.250%, 05/15/21(A)		375		382
Schaeffler Holding Finance BV
6.875%, 08/15/18(A) (C)		850		876
6.750%, 11/15/22(A) (C)		575		625
Tenneco
5.375%, 12/15/24		350		360
Tupy Overseas
6.625%, 07/17/24		1,500		1,395
ZF North America Capital
4.750%, 04/29/25(A)		750		746
Total Autoparts				13,000
Banks [4.4%]
Access Bank, MTN
9.250%, 06/24/21(D)		5,175		4,306
African Bank, MTN
8.125%, 02/24/17		2,329		1,991
Agricola Senior Trust
6.750%, 06/18/20		1,148		1,151
Banco BMG
8.000%, 04/15/18		1,000		1,000
Banco do Brasil
9.250%, 10/29/49(D)		500		379
8.500%, 10/29/49(D)		280		248
Bank Nadra via NDR Finance
8.250%, 06/22/17(D) (G) (I)		721		7
CIT Group
5.250%, 03/15/18		325		336
5.000%, 08/01/23		1,175		1,181
Credit Bank of Moscow Via CBOM Finance
8.700%, 11/13/18		3,185		3,105
7.700%, 02/01/18		3,250		3,344
Development Bank of Mongolia, MTN
5.750%, 03/21/17		940		905
Eastern and Southern African Trade and Development Bank, MTN
6.375%, 12/06/18		3,200		3,208
FBN Finance
8.250%, 08/07/20		4,370		3,574
FBN Finance BV
8.000%, 07/23/21(D)		6,788		5,125
ForteBank JSC
11.750%, 12/15/24		2,209		2,022
ICBC Standard Bank, MTN
8.125%, 12/02/19		4,698		5,144
International Bank of Azerbaijan Via Rubrika Finance, MTN
7.200%, 10/31/16		500		498
Kazkommertsbank JSC
8.500%, 05/11/18		4,080		3,743
6.765%, 07/27/16(D) (E)		4,000		3,871
5.500%, 12/21/22		6,948		4,656
Kazkommertsbank JSC, MTN
7.500%, 11/29/16		2,205		2,183
6.875%, 02/13/17		2,360		2,607
National Bank of Oman SAOG
7.875%, 12/29/49(D)		2,260		2,302
National Savings Bank
8.875%, 09/18/18		1,800		1,876
Oschadbank Via SSB #1
9.375%, 03/10/23(E)		5,500		4,758
Privatbank CJSC Via UK SPV Credit Finance
11.000%, 02/09/21		370		226
Privatbank CJSC Via UK SPV Credit Finance, MTN
10.250%, 01/23/18		3,380		2,502
Renaissance Capital Via Renaissance Consumer Funding
13.500%, 06/21/18		1,624		1,527
Russian Standard Bank Via Russian Standard Finance
7.561%, 12/01/16(D) (E)		2,300		2,027

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 61

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Sberbank of Russia Via SB Capital
5.500%, 02/26/24(D)	$	2,375	$	2,158
5.125%, 10/29/22		2,080		2,004
Tinkoff Credit Systems Via TCS Finance, MTN
14.000%, 06/06/18		720		753
VTB Bank Via VTB Capital
6.950%, 10/17/22		3,532		3,449
Total Banks				78,166
Batteries/Battery Sys [0.0%]
EnerSys
5.000%, 04/30/23(A)		450		434
Beauty Products [0.1%]
First Quality Finance
4.625%, 05/15/21(A)		1,575		1,520
Broadcasting & Cable [1.8%]
AMC Networks
5.000%, 04/01/24		1,150		1,154
4.750%, 12/15/22		325		326
Anixter
5.625%, 05/01/19		600		629
5.500%, 03/01/23(A)		650		658
5.125%, 10/01/21		300		302
Belden
5.500%, 09/01/22(A)		1,050		1,055
5.250%, 07/15/24(A)		1,125		1,074
Cablevision Systems
5.875%, 09/15/22		275		232
CCO Holdings
7.375%, 06/01/20		300		312
6.625%, 01/31/22		650		684
5.875%, 04/01/24(A)		325		340
5.875%, 05/01/27(A)		600		612
5.750%, 09/01/23		525		545
5.750%, 01/15/24		425		443
5.375%, 05/01/25(A)		250		254
5.250%, 09/30/22		675		695
5.125%, 02/15/23		1,275		1,301
CCOH Safari
5.750%, 02/15/26(A)		300		311
Cequel Communications Holdings I
5.125%, 12/15/21(A)		1,350		1,257
Clear Channel Communications
9.000%, 03/01/21		1,150		801
Clear Channel Worldwide Holdings
6.500%, 11/15/22		2,000		1,990
Columbus International
7.375%, 03/30/21		3,860		4,111
CSC Holdings
5.250%, 06/01/24		250		223
DISH DBS
5.875%, 07/15/22		2,425		2,298
5.000%, 03/15/23		100		88
Gray Television
7.500%, 10/01/20		1,150		1,213
LIN Television
6.375%, 01/15/21		175		182
5.875%, 11/15/22		650		658
Nexstar Broadcasting
6.125%, 02/15/22(A)		875		868
Numericable Group
6.250%, 05/15/24(A)		575		557
6.000%, 05/15/22(A)		800		780
Sinclair Television Group
5.875%, 03/15/26(A)		425		435
5.625%, 08/01/24(A)		1,775		1,784
Tribune Media
5.875%, 07/15/22(A)		1,400		1,368
Unitymedia Hessen GmbH & KG
5.500%, 01/15/23(A)		525		538
Unitymedia KabelBW GmbH
6.125%, 01/15/25(A)		1,500		1,559
Ziggo Bond Finance BV
5.875%, 01/15/25(A)		275		270
Total Broadcasting & Cable				31,907
Building & Construction [2.2%]
Allegion US Holding
5.750%, 10/01/21		550		576
Building Materials Corp of America
6.000%, 10/15/25(A)		425		449
C10 Capital SPV
6.722%, 12/31/49(D)		100		81
Cemex
7.750%, 04/16/26(A)		1,885		1,937
7.250%, 01/15/21		765		794
6.500%, 12/10/19		3,045		3,127
5.875%, 03/25/19		970		975
CEMEX Espana
9.875%, 04/30/19		2,040		2,149

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 62

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Cemex Finance
9.375%, 10/12/22	$	9,030	$	9,937
China Shanshui Cement Group
7.500%, 03/10/20		4,500		3,219
Dry Mix Solutions Investissements SAS
4.025%, 06/15/21(D)		3,000		3,307
Grupo Cementos de Chihuahua
8.125%, 02/08/20		1,715		1,749
Kerneos Corporate SAS
4.548%, 03/01/21(D)		2,000		2,185
Masonite International
5.625%, 03/15/23(A)		500		523
NCI Building Systems
8.250%, 01/15/23(A)		800		842
Nortek
8.500%, 04/15/21		1,675		1,738
Saderea, MTN
12.500%, 11/30/26		2,861		2,353
USG
7.875%, 03/30/20(A)		250		260
5.875%, 11/01/21(A)		650		679
5.500%, 03/01/25(A)		400		416
Wise Metals Intermediate Holdings
9.750%, 06/15/19(A)		525		239
Yuksel Insaat
9.500%, 12/31/49(B)		1,500		862
Total Building & Construction				38,397
Building & Construction Supplies [0.1%]
Signode Industrial Group Lux
6.375%, 05/01/22(A)		2,050		1,863
Building-Heavy Construct [0.1%]
Pratama Agung Pte
6.250%, 02/24/20		2,500		2,486
Business Services [0.0%]
CoreLogic
7.250%, 06/01/21		675		701
Chemicals [0.6%]
Ashland
4.750%, 08/15/22		950		964
Celanese US Holdings
4.625%, 11/15/22		375		377
Eco Services Operations
8.500%, 11/01/22(A)		625		575
Hexion
6.625%, 04/15/20		700		581
Hexion US Finance
8.875%, 02/01/18		1,625		1,113
Huntsman International
5.125%, 11/15/22(A)		875		849
4.875%, 11/15/20		1,025		1,015
Ineos Finance
4.000%, 05/01/23		1,000		1,105
Novacap International SAS, MTN
4.840%, 05/01/19(D)		1,000		1,131
Platform Specialty
6.500%, 02/01/22(A)		2,650		2,231
WR Grace & -Conn
5.625%, 10/01/24(A)		325		339
5.125%, 10/01/21(A)		225		234
Total Chemicals				10,514
Coal Mining [0.3%]
Berau Coal Energy
7.250%, 03/13/17		3,935		792
Indo Energy Finance II BV
6.375%, 01/24/23		4,775		2,054
Mongolian Mining
8.875%, 03/29/17		12,398		2,386
New World Resources
8.000%, 04/07/20		947		65
Total Coal Mining				5,297
Coatings/Paint [0.1%]
US Coatings Acquisition
7.375%, 05/01/21(A)		1,300		1,378
Commercial Serv-Finance [0.1%]
TMF Group Holding BV
5.173%, 12/01/18(D)		1,000		1,140
Commercial Services [0.3%]
Allegion
5.875%, 09/15/23		175		184
Anna Merger Sub
7.750%, 10/01/22(A)		2,350		2,180
BC Luxco 1
7.375%, 01/29/20		2,470		2,279

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 63

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Iron Mountain
6.000%, 10/01/20(A)	$	125	$	132
5.750%, 08/15/24		725		743
Total Commercial Services				5,518
Computer Graphics [0.1%]
Southern Graphics
8.375%, 10/15/20(A)		1,375		1,368
Computer Software [0.1%]
Italics Merger Sub
7.125%, 07/15/23(A)		1,675		1,616
SS&C Technologies Holdings
5.875%, 07/15/23(A)		800		826
Total Computer Software				2,442
Computer System Design & Services [0.2%]
IHS
5.000%, 11/01/22		550		570
NCR
6.375%, 12/15/23		625		644
5.875%, 12/15/21		400		409
5.000%, 07/15/22		975		965
4.625%, 02/15/21		300		299
Total Computer System Design & Services				2,887
Consumer Products & Services [0.4%]
Prestige Brands
6.375%, 03/01/24(A)		575		599
5.375%, 12/15/21(A)		1,275		1,291
Serta Simmons Holdings
8.125%, 10/01/20(A)		2,300		2,386
ServiceMaster
7.450%, 08/15/27		225		222
7.100%, 03/01/18		475		484
Spectrum Brands
6.125%, 12/15/24		575		614
5.750%, 07/15/25		800		850
Tempur Sealy International
5.625%, 10/15/23(A)		475		489
Total Consumer Products & Services				6,935
Containers & Packaging [1.1%]
Ardagh Packaging Finance
9.125%, 10/15/20(A)		2,325		2,405
6.750%, 01/31/21(A)		200		194
6.000%, 06/30/21(A)		600		570
Ball
5.250%, 07/01/25		1,225		1,286
4.375%, 12/15/20		200		208
4.000%, 11/15/23		825		813
Berry Plastics
6.000%, 10/15/22(A)		400		419
5.500%, 05/15/22		2,075		2,137
5.125%, 07/15/23		575		579
BWAY Holding
9.125%, 08/15/21(A)		1,550		1,383
Crown Americas
4.500%, 01/15/23		1,300		1,326
Graphic Packaging International
4.875%, 11/15/22		350		355
4.750%, 04/15/21		200		208
Owens-Brockway Glass Container
6.375%, 08/15/25(A)		425		447
5.875%, 08/15/23(A)		375		391
5.375%, 01/15/25(A)		950		943
5.000%, 01/15/22(A)		125		128
Pactiv
7.950%, 12/15/25		200		184
Reynolds Group Issuer
9.875%, 08/15/19		350		363
8.250%, 02/15/21		1,850		1,896
5.750%, 10/15/20		1,350		1,385
Sealed Air
5.250%, 04/01/23(A)		50		53
5.125%, 12/01/24(A)		850		882
4.875%, 12/01/22(A)		725		754
Total Containers & Packaging				19,309
Data Processing/Mgmt [0.3%]
First Data
7.000%, 12/01/23(A)		1,150		1,161
5.750%, 01/15/24(A)		3,050		3,050
5.375%, 08/15/23(A)		1,300		1,332
Total Data Processing/Mgmt				5,543
Decision Support Software [0.0%]
MSCI
5.750%, 08/15/25(A)		525		553
5.250%, 11/15/24(A)		275		284
Total Decision Support Software				837

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 64

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Dental Supplies and Equip [0.2%]
IDH Finance
5.588%, 12/01/18(D)	$	3,000	$	4,223
Diagnostic Equipment [0.1%]
Crimson Merger Sub
6.625%, 05/15/22(A)		3,300		2,463
Dialysis Centers [0.1%]
DaVita HealthCare Partners
5.750%, 08/15/22		775		809
5.125%, 07/15/24		175		177
5.000%, 05/01/25		625		619
Total Dialysis Centers				1,605
Diamonds/Precious Stones [0.0%]
Petra Diamonds US Treasury
8.250%, 05/31/20		1,050		890
Disposable Medical Prod [0.1%]
Sterigenics-Nordion Holdings
6.500%, 05/15/23(A)		1,600		1,596
Distribution/Wholesale [0.3%]
American Builders & Contractors Supply
5.750%, 12/15/23(A)		200		207
5.625%, 04/15/21(A)		900		927
Beacon Roofing Supply
6.375%, 10/01/23(A)		300		318
DH Services Luxembourg Sarl
7.750%, 12/15/20(A)		1,350		1,333
HD Supply
7.500%, 07/15/20		475		504
5.750%, 04/15/24(A)		575		591
5.250%, 12/15/21(A)		575		604
Total Distribution/Wholesale				4,484
Drugs [0.4%]
Endo
6.000%, 07/15/23(A)		975		918
Endo Finance
6.000%, 02/01/25(A)		1,600		1,500
Grifols Worldwide Operations
5.250%, 04/01/22		1,250		1,284
Quintiles Transnational
4.875%, 05/15/23(A)		375		385
Valeant Pharmaceuticals International
5.625%, 12/01/21(A)		425		335
5.500%, 03/01/23(A)		100		79
VPII Escrow
7.500%, 07/15/21(A)		900		750
VRX Escrow
6.125%, 04/15/25(A)		1,550		1,193
5.875%, 05/15/23(A)		1,025		803
Total Drugs				7,247
E-Commerce/Services [0.1%]
Match Group
6.750%, 12/15/22(A)		1,525		1,546
Educational Software [0.0%]
Blackboard
7.750%, 11/15/19(A)		650		523
Electric Utilities [0.8%]
Calpine
5.875%, 01/15/24(A)		550		577
5.750%, 01/15/25		1,425		1,368
Eskom Holdings SOC
7.125%, 02/11/25		5,600		5,172
5.750%, 01/26/21		2,500		2,301
NRG Energy
6.625%, 03/15/23		1,175		1,096
6.250%, 05/01/24		1,325		1,216
Star Energy Geothermal Wayang Windu
6.125%, 03/27/20		2,000		2,015
Total Electric Utilities				13,745
Electrical Products [0.1%]
WESCO Distribution
5.375%, 12/15/21		1,650		1,666
Energy [0.2%]
CGG
6.875%, 01/15/22		375		146
ContourGlobal Power Holdings
7.125%, 06/01/19		3,150		3,060
Viridian Group
7.500%, 03/01/20		500		596
Total Energy				3,802

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 65

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Energy & Power [0.2%]
Greenko Dutch BV
8.000%, 08/01/19	$	3,000	$	3,195
TerraForm Power Operating
6.125%, 06/15/25(A)		450		351
5.875%, 02/01/23(A)		525		425
Total Energy & Power				3,971
Enterprise Software/Serv [0.4%]
BMC Software Finance
8.125%, 07/15/21(A)		2,300		1,656
Ensemble S Merger Sub
9.000%, 09/30/23(A)		1,125		1,102
Infor Software Parent
7.125%, 05/01/21(A)		1,775		1,327
Infor US
6.500%, 05/15/22		2,925		2,662
Information US
5.750%, 08/15/20(A)		225		232
Total Enterprise Software/Serv				6,979
Entertainment & Gaming [1.1%]
Affinity Gaming
9.000%, 05/15/18		375		381
Ameristar Casinos
7.500%, 04/15/21		600		624
Boyd Gaming
6.875%, 05/15/23		1,225		1,305
6.375%, 04/01/26(A)		300		311
Chester Downs & Marina
9.250%, 02/01/20(A)		850		616
Cinemark USA
7.375%, 06/15/21		175		182
5.125%, 12/15/22		300		307
Global Liman Isletmeleri
8.125%, 11/14/21		1,000		876
GLP Capital
5.375%, 11/01/23		850		850
MGM Resorts International
7.750%, 03/15/22		1,400		1,559
6.750%, 10/01/20		250		271
6.000%, 03/15/23		600		621
5.250%, 03/31/20		350		359
Mohegan Tribal Gaming Authority
9.750%, 09/01/21		1,100		1,128
Penn National Gaming
5.875%, 11/01/21		1,525		1,517
Pinnacle Entertainment
7.750%, 04/01/22		525		576
6.375%, 08/01/21		400		424
Regal Entertainment Group
5.750%, 03/15/22		500		518
5.750%, 02/01/25		650		653
Seminole Hard Rock Entertainment
5.875%, 05/15/21(A)		1,925		1,930
Seminole Indian Tribe of Florida
7.804%, 10/01/20(A)		470		481
Station Casinos
7.500%, 03/01/21		1,350		1,429
Studio City Finance
8.500%, 12/01/20		2,000		2,005
Total Entertainment & Gaming				18,923
E-Services/Consulting [0.1%]
TES Finance
6.750%, 07/15/20		1,000		1,221
Export/Import Bank [0.2%]
Ukreximbank Via Biz Finance
9.625%, 04/27/22		3,775		3,322
Financial Services [1.3%]
AerCap Ireland Capital
4.625%, 07/01/22		250		255
4.500%, 05/15/21		800		817
Ally Financial
5.750%, 11/20/25		1,400		1,368
5.125%, 09/30/24		450		460
4.750%, 09/10/18		1,150		1,167
4.625%, 05/19/22		100		100
4.625%, 03/30/25		1,300		1,282
4.125%, 03/30/20		425		422
4.125%, 02/13/22		400		393
2.750%, 01/30/17		475		473
Arrow Global Finance
5.048%, 11/01/21(D)		1,000		1,138
Astana Finance JSC
0.000%, 12/22/24(G) (I)		147		3
Cabot Financial Luxembourg II
5.875%, 11/15/21(D)		1,000		1,109
Credito Real
7.500%, 03/13/19		2,500		2,475
Helios Towers Finance Netherlands BV
8.375%, 07/15/19		2,920		2,643

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 66

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
International Lease Finance
5.875%, 08/15/22	$	1,325	$	1,438
4.625%, 04/15/21		1,900		1,948
Lock
5.500%, 08/15/20(D)		2,000		2,264
Navient
5.875%, 10/25/24		825		699
Navient, MTN
6.125%, 03/25/24		575		495
5.500%, 01/25/23		175		149
Quicken Loans
5.750%, 05/01/25(A)		2,225		2,158
Russian Standard
13.000%, 10/27/22		2,616		523
Total Financial Services				23,779
Firearms and Ammunition [0.0%]
FGI Operating Company
7.875%, 05/01/20(G) (I)		925		555
Food, Beverage & Tobacco [2.1%]
ARAMARK
5.750%, 03/15/20		1,350		1,392
5.125%, 01/15/24		300		316
Boparan Finance
5.500%, 07/15/21		1,000		1,329
Boparan Finance, MTN
4.375%, 07/15/21		1,000		1,077
CEDC Finance International
10.000%, 04/30/18(E)		1,668		1,309
CFG Investment SAC
9.750%, 07/30/19(B)		1,220		793
Constellation Brands
4.750%, 12/01/25		350		362
Dean Foods
6.500%, 03/15/23(A)		200		206
Galapagos
4.525%, 06/15/21(D)		3,000		3,209
Hearthside Group Holdings
6.500%, 05/01/22(A)		1,525		1,296
JBS Investments GmbH
7.750%, 10/28/20		3,000		2,970
JBS USA
5.750%, 06/15/25		1,819		1,601
Marfrig Holding Europe BV
8.375%, 05/09/18		2,595		2,608
6.875%, 06/24/19		3,490		3,320
Marfrig Overseas
9.500%, 05/04/20		5,304		5,357
MHP
8.250%, 04/02/20		4,610		4,046
Minerva Luxembourg
8.750%, 12/29/49(D)		3,000		2,801
Pinnacle Foods Finance
5.875%, 01/15/24(A)		250		262
4.875%, 05/01/21		1,675		1,692
Smithfield Foods
6.625%, 08/15/22		850		903
Sun Merger Sub
5.875%, 08/01/21(A)		600		621
Total Food, Beverage & Tobacco				37,470
Food-Canned [0.0%]
TreeHouse Foods
6.000%, 02/15/24(A)		275		291
Food-Flour and Grain [0.1%]
Post Holdings
8.000%, 07/15/25(A)		1,500		1,665
7.750%, 03/15/24(A)		375		412
Total Food-Flour and Grain				2,077
Food-Wholesale/Distrib [0.1%]
US Foods
8.500%, 06/30/19		2,525		2,594
Foreign Governments [0.4%]
Argentine Republic Government International Bond
7.820%, 12/31/33(B)		5,160		6,621
Egypt Government International Bond
5.875%, 06/11/25		1,000		890
Total Foreign Governments				7,511
Gaming [0.0%]
Rivers Pittsburgh Borrower
9.500%, 06/15/19(A)		717		739
Health Care [0.1%]
Envision Healthcare
5.125%, 07/01/22(A)		1,625		1,649
Home Decoration Products [0.1%]
RSI Home Products
6.500%, 03/15/23(A)		1,500		1,564

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 67

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)			Value (000)
Hotels and Motels [0.2%]
Grupo Posadas
7.875%, 06/30/22		$	2,990	$	2,938
Hilton Worldwide Finance
5.625%, 10/15/21			700		725
Total Hotels and Motels					3,663
Human Resources [0.1%]
Team Health
7.250%, 12/15/23(A)			1,250		1,338
Industrial [0.0%]
Unifrax I
7.500%, 02/15/19(A)			950		587
Insurance [0.2%]
Hockey Merger Sub 2
7.875%, 10/01/21(A)			1,675		1,650
Hub Holdings
8.125%, 07/15/19(A) (C)			1,450		1,334
HUB International
9.250%, 02/15/21(A)			150		155
Total Insurance					3,139
Internet Connectiv Svcs [0.1%]
Adria Bidco BV
7.875%, 11/15/20			2,000		2,420
Internet Security [0.2%]
Blue Coat Holdings
8.375%, 06/01/23(A)			1,550		1,597
VeriSign
5.250%, 04/01/25			525		529
4.625%, 05/01/23			825		833
Total Internet Security					2,959
Mach Tools and Rel Products [0.0%]
Milacron
7.750%, 02/15/21(A)			700		644
Machinery-General Indust [0.2%]
Gardner Denver
6.875%, 08/15/21(A)			1,075		879
Manitowoc Foodservice
9.500%, 02/15/24(A)			375		409
Zebra Technologies
7.250%, 10/15/22			2,000		2,170
Total Machinery-General Indust					3,458
Manufacturing [0.1%]
Cleaver-Brooks
8.750%, 12/15/19(A)			1,050		992
Medical Labs and Testing Srv [0.2%]
Synlab Bondco
5.000%, 07/01/22(D)			3,000		3,414
Medical Products & Services [1.4%]
Acadia Healthcare
6.500%, 03/01/24(A)			1,150		1,196
AMAG Pharmaceuticals
7.875%, 09/01/23(A)			250		221
Care UK Health & Social Care
5.591%, 07/15/19(D)			679		834
CHS
6.875%, 02/01/22			2,650		2,392
5.125%, 08/01/21			450		456
HCA
7.500%, 02/15/22			1,625		1,840
6.500%, 02/15/20			300		329
5.875%, 05/01/23			825		865
5.875%, 02/15/26			250		257
5.375%, 02/01/25			2,250		2,275
5.250%, 04/15/25			1,525		1,571
5.000%, 03/15/24			1,875		1,918
HCA Holdings
6.250%, 02/15/21			550		591
Hill-Rom Holdings
5.750%, 09/01/23(A)			375		388
IASIS Healthcare
8.375%, 05/15/19			1,375		1,356
LifePoint Health
5.875%, 12/01/23			325		340
LifePoint Hospitals
5.500%, 12/01/21			1,025		1,071
Mallinckrodt International Finance
5.625%, 10/15/23(A)			350		318
5.500%, 04/15/25(A)			1,125		993
4.875%, 04/15/20(A)			325		304
4.750%, 04/15/23			975		799
Teleflex
5.250%, 06/15/24			450		461
Tenet Healthcare
8.125%, 04/01/22			1,625		1,672

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 68

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
6.750%, 06/15/23	$	1,550	$	1,484
4.500%, 04/01/21		850		854
4.375%, 10/01/21		925		927
Total Medical Products & Services				25,712
Medical-HMO [0.1%]
MPH Acquisition Holdings
6.625%, 04/01/22(A)		2,575		2,678
Medical-Outptnt/Home Med [0.1%]
Amsurg
5.625%, 11/30/20		300		310
5.625%, 07/15/22		1,075		1,107
Total Medical-Outptnt/Home Med				1,417
Medical-Whsle Drug Dist [0.1%]
Vizient
10.375%, 03/01/24(A)		1,175		1,260
Metal-Copper [0.2%]
First Quantum Minerals
7.250%, 10/15/19		3,050		2,196
Freeport-McMoRan
5.400%, 11/14/34		1,500		919
3.875%, 03/15/23		400		271
Total Metal-Copper				3,386
Metal-Iron [0.6%]
Vale Overseas
6.875%, 11/21/36		856		680
6.875%, 11/10/39		3,329		2,609
5.625%, 09/15/19		723		703
4.625%, 09/15/20		4,390		4,050
4.375%, 01/11/22		3,455		2,958
Total Metal-Iron				11,000
Metals & Mining [0.2%]
TiZir
9.000%, 09/28/17		4,100		3,157
Vedanta Resources
8.250%, 06/07/21		865		510
7.125%, 05/31/23		1,025		564
Total Metals & Mining				4,231
Mining Other [0.2%]
Uranium One Investments
6.250%, 12/13/18		3,150		3,032
Miscellaneous Business Services [0.1%]
Garda World Security
7.250%, 11/15/21(A)		1,425		1,097
Total Miscellaneous Business Services				1,097
Miscellaneous Manufacturing [0.7%]
MAF Global Securities
7.125%, 10/29/49(D)		2,625		2,756
Natsionalnaya Kompaniya Kazakhstan Engineering AO
4.550%, 12/03/16		278		268
Sistema via Sistema International Funding
6.950%, 05/17/19		3,600		3,748
TMK OAO Via TMK Capital
7.750%, 01/27/18		2,560		2,596
6.750%, 04/03/20		2,415		2,349
Total Miscellaneous Manufacturing				11,717
MRI/Medical Diag Imaging [0.1%]
Surgical Care Affiliates
6.000%, 04/01/23(A)		1,125		1,133
Office Automation and Equip [0.1%]
CDW
6.000%, 08/15/22		1,125		1,189
5.500%, 12/01/24		1,125		1,159
Total Office Automation and Equip				2,348
Oil-Field Services [0.2%]
Borets Finance
7.625%, 09/26/18		700		603
Hiland Partners
5.500%, 05/15/22(A)		375		376
Sea Trucks Group
9.000%, 03/26/18(A)		4,480		1,344
Western Refining Logistics
7.500%, 02/15/23		900		801
Total Oil-Field Services				3,124
Paper & Related Products [0.2%]
Argos Merger Sub
7.125%, 03/15/23(A)		2,075		2,206

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 69

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Clearwater Paper
5.375%, 02/01/25(A)	$	1,300	$	1,269
Total Paper & Related Products				3,475
Petrochemicals [0.2%]
Braskem America Finance
7.125%, 07/22/41		1,850		1,569
Braskem Finance
5.750%, 04/15/21		700		667
5.375%, 05/02/22		800		726
Total Petrochemicals				2,962
Petroleum & Fuel Products [7.2%]
Access Midstream Partners
4.875%, 05/15/23		300		260
4.875%, 03/15/24		825		720
Antero Resources
5.625%, 06/01/23		200		184
5.125%, 12/01/22		350		318
Antero Resources Finance
6.000%, 12/01/20		650		617
5.375%, 11/01/21		475		439
Approach Resources
7.000%, 06/15/21		350		167
Blue Racer Midstream
6.125%, 11/15/22(A)		725		604
BreitBurn Energy Partners
7.875%, 04/15/22		350		35
California Resources
6.000%, 11/15/24		1,250		281
Carrizo Oil & Gas
7.500%, 09/15/20		775		723
6.250%, 04/15/23		350		308
Chaparral Energy
9.875%, 10/01/20		75		14
7.625%, 11/15/22		400		76
Chesapeake Energy
6.875%, 11/15/20		425		167
5.750%, 03/15/23		350		119
5.375%, 06/15/21		500		177
Continental Resources
4.500%, 04/15/23		1,000		836
Crestwood Midstream Partners
6.250%, 04/01/23(A)		875		647
6.125%, 03/01/22		850		637
6.000%, 12/15/20		575		451
CrownRock
7.750%, 02/15/23(A)		225		218
7.125%, 04/15/21(A)		150		144
CVR Refining
6.500%, 11/01/22		1,225		1,084
DNO
8.750%, 06/18/20(A)		1,000		625
Energy Transfer Equity
5.875%, 01/15/24		2,325		1,988
5.500%, 06/01/27		175		140
EP Energy
9.375%, 05/01/20		675		340
7.750%, 09/01/22		150		70
6.375%, 06/15/23		350		161
EP PetroEcuador via Noble Sovereign Funding I
6.258%, 09/24/19(D)		13,475		11,740
Gazprom OAO Via Gaz Capital
6.510%, 03/07/22		2,914		3,051
Genel Energy Finance
7.500%, 05/14/19(A)		6,200		3,720
Georgian Oil and Gas
6.875%, 05/16/17		5,358		5,360
Gulfport Energy
7.750%, 11/01/20		750		750
6.625%, 05/01/23		425		395
Halcon Resources
8.625%, 02/01/20(A)		600		426
Holly Energy Partners
6.500%, 03/01/20		1,050		1,039
Kinder Morgan
5.625%, 11/15/23(A)		1,025		1,040
Laredo Petroleum
7.375%, 05/01/22		600		510
6.250%, 03/15/23		200		167
5.625%, 01/15/22		300		250
Legacy Reserves
6.625%, 12/01/21		950		181
Linn Energy
6.500%, 05/15/19		275		30
6.500%, 09/15/21		275		32
6.250%, 11/01/19		425		47
Lone Pine Resources Canada
0.000%, 02/15/17(G) (I)		75		—
MIE Holdings
7.500%, 04/25/19		1,745		796
MPLX
4.875%, 12/01/24(A)		700		646
4.875%, 06/01/25(A)		875		798
Newfield Exploration
5.375%, 01/01/26		425		387
Northern Oil and Gas
8.000%, 06/01/20		1,275		802

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 70

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Nostrum Oil & Gas Finance BV
6.375%, 02/14/19	$	4,160	$	3,266
Oasis Petroleum
6.875%, 03/15/22		400		296
6.875%, 01/15/23		225		166
6.500%, 11/01/21		850		629
Odebrecht Drilling Norbe VIII
6.350%, 06/30/21		2,861		901
Pacific Rubiales Energy
5.625%, 01/19/25		100		17
5.375%, 01/26/19		50		8
PDC Energy
7.750%, 10/15/22		175		175
Petrobras Global Finance BV
7.875%, 03/15/19		784		752
6.875%, 01/20/40		5,430		3,910
6.850%, 06/05/15		858		598
6.250%, 03/17/24		4,002		3,200
5.375%, 01/27/21		5,475		4,537
3.522%, 03/17/20(D)		1,000		770
2.762%, 01/15/19(D)		5,500		4,469
Petrobras International Finance
5.750%, 01/20/20		2,490		2,169
Petroleos de Venezuela
9.750%, 05/17/35		9,590		3,644
8.500%, 11/02/17		9,898		5,246
5.125%, 10/28/16		5,730		4,469
Puma International Financing
6.750%, 02/01/21		7,389		7,090
QGOG Atlantic
5.250%, 07/30/18		2,831		2,138
QGOG Constellation
6.250%, 11/09/19		7,985		4,551
Range Resources
5.000%, 03/15/23		475		403
4.875%, 05/15/25(A)		772		676
Regency Energy Partners
5.875%, 03/01/22		400		389
5.500%, 04/15/23		200		178
5.000%, 10/01/22		150		141
4.500%, 11/01/23		350		309
Rice Energy
7.250%, 05/01/23		200		175
6.250%, 05/01/22		1,200		1,044
Rose Rock Midstream
5.625%, 07/15/22		1,300		865
5.625%, 11/15/23		425		276
Rosneft Oil via Rosneft International Finance
4.199%, 03/06/22		3,153		2,933
RSP Permian
6.625%, 10/01/22		625		616
Sabine Pass Liquefaction
6.250%, 03/15/22		1,050		1,028
5.625%, 02/01/21		1,225		1,178
5.625%, 04/15/23		175		166
5.625%, 03/01/25		625		596
SandRidge Energy
8.125%, 10/15/22		975		56
7.500%, 03/15/21		75		4
Seven Energy
10.250%, 10/11/21		7,343		4,259
SM Energy
6.500%, 11/15/21		100		74
6.500%, 01/01/23		100		71
6.125%, 11/15/22		225		164
5.625%, 06/01/25		375		261
5.000%, 01/15/24		350		242
Southern Gas Corridor CJSC
6.875%, 03/24/26		1,500		1,501
Summit Midstream Holdings
7.500%, 07/01/21		200		157
5.500%, 08/15/22		1,050		746
Targa Resources Partners
5.250%, 05/01/23		675		623
4.250%, 11/15/23		250		219
Tesoro
5.375%, 10/01/22		375		370
Tesoro Logistics
6.250%, 10/15/22(A)		800		792
6.125%, 10/15/21		225		225
5.875%, 10/01/20		924		916
5.500%, 10/15/19(A)		50		50
5.125%, 04/01/24		600		590
W&T Offshore
8.500%, 06/15/19		225		27
Whiting Petroleum
6.250%, 04/01/23		1,225		824
5.750%, 03/15/21		150		100
5.000%, 03/15/19		375		260
YPF
8.500%, 03/23/21(A) (G) (I)		1,200		1,205
8.500%, 07/28/25		1,710		1,666
YPF Sociedad Anonima
8.500%, 03/23/21		250		250
Zhaikmunai LLP
7.125%, 11/13/19		5,413		4,291
Total Petroleum & Fuel Products				128,634

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 71

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Phys Practice Mgmnt [0.0%]
MEDNAX
5.250%, 12/01/23(A)	$	200	$	208
Printing & Publishing [0.3%]
Expo Event Transco
9.000%, 06/15/21(A)		1,175		1,122
Multi-Color
6.125%, 12/01/22(A)		1,225		1,243
Mustang Merger
8.500%, 08/15/21(A)		850		878
Nielsen Finance
5.000%, 04/15/22(A)		1,700		1,743
Total Printing & Publishing				4,986
Publishing-Newspapers [0.1%]
Gannett
6.375%, 10/15/23		1,125		1,209
5.500%, 09/15/24(A)		50		52
5.125%, 10/15/19		175		183
4.875%, 09/15/21(A)		50		51
Total Publishing-Newspapers				1,495
Radio [0.4%]
Cumulus Media Holdings
7.750%, 05/01/19		500		190
Entercom Radio
10.500%, 12/01/19		675		700
Radio One
9.250%, 02/15/20(A)		900		616
7.375%, 04/15/22(A)		975		878
Sirius XM Holdings
4.625%, 05/15/23(A)		1,250		1,230
Sirius XM Radio
6.000%, 07/15/24(A)		975		1,026
5.375%, 04/15/25(A)		650		661
Townsquare Media
6.500%, 04/01/23(A)		1,200		1,151
Total Radio				6,452
Real Estate [0.1%]
BR Malls International Finance
8.500%, 01/29/49		1,155		1,022
Real Estate Investment Trusts [0.0%]
RHP Hotel Properties
5.000%, 04/15/23		150		153
Real Estate Oper/Develop [1.4%]
China SCE Property Holdings
10.000%, 07/02/20		795		860
Global Prime Capital Pte
6.750%, 04/27/20		1,000		996
IRSA Propiedades
8.750%, 03/23/23		500		501
Jababeka International BV
7.500%, 09/24/19		1,500		1,499
Kaisa Group Holdings
10.250%, 01/08/20(B)		2,395		1,832
8.875%, 03/19/18(B)		3,137		2,447
KWG Property Holding
8.975%, 01/14/19		2,000		2,145
Sunac China Holdings
9.375%, 04/05/18		1,935		2,027
Times Property Holdings
12.625%, 03/21/19		1,790		2,000
Vingroup JSC
11.625%, 05/07/18		4,025		4,337
VLL International, MTN
7.375%, 06/18/22		3,000		3,030
Yuzhou Properties
8.625%, 01/24/19		2,680		2,830
Total Real Estate Oper/Develop				24,504
Research and Development [0.1%]
Jaguar Holding II
6.375%, 08/01/23(A)		2,525		2,593
Resorts/Theme Parks [0.1%]
Cedar Fair
5.250%, 03/15/21		1,000		1,036
Six Flags Entertainment
5.250%, 01/15/21(A)		800		822
Total Resorts/Theme Parks				1,858
Retail [1.4%]
AmeriGas Finance
7.000%, 05/20/22		675		692
AmeriGas Partners
6.500%, 05/20/21		900		913
BKW
6.000%, 04/01/22(A)		2,275		2,366
Burger King
4.625%, 01/15/22(A)		450		458
Family Tree Escrow
5.750%, 03/01/23(A)		425		451

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 72

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Ferrellgas
6.750%, 01/15/22	$	1,175	$	1,043
6.750%, 06/15/23(A)		425		373
6.500%, 05/01/21		675		599
Grupo Famsa
7.250%, 06/01/20		3,000		2,647
Hillman Group
6.375%, 07/15/22(A)		1,650		1,378
Iceland Bondco
4.841%, 07/15/20(D)		1,000		1,250
Jo-Ann Stores
8.125%, 03/15/19(A)		100		92
Jo-Ann Stores Holdings
9.750%, 10/15/19(A) (C)		525		420
L Brands
5.625%, 10/15/23		700		768
Limited Brands
5.625%, 02/15/22		350		381
Michaels Stores
5.875%, 12/15/20(A)		1,500		1,571
Neiman Marcus Group
8.750%, 10/15/21(A) (C)		900		693
New Look Secured Issuer
4.500%, 07/01/22(D)		2,000		2,233
NPC International
10.500%, 01/15/20		850		878
Party City Holdings
6.125%, 08/15/23(A)		1,225		1,253
Rite Aid
6.125%, 04/01/23(A)		1,050		1,113
Sally Holdings
5.625%, 12/01/25		175		186
Stonegate Pub Financing
5.341%, 04/15/19(D)		1,000		1,427
Vista Outdoor
5.875%, 10/01/23(A)		525		550
Yum! Brands
3.875%, 11/01/23		775		717
Total Retail				24,452
Rubber & Plastic [0.0%]
Goodyear Tire & Rubber
5.125%, 11/15/23		525		537
Rubber/Plastic Products [0.1%]
Gates Global
6.000%, 07/15/22(A)		1,800		1,539
Semicon Compo-Intg Circu [0.0%]
NXP BV
5.750%, 03/15/23(A)		75		79
Semi-Conductors [0.7%]
Advanced Micro Devices
7.500%, 08/15/22		325		223
7.000%, 07/01/24		800		524
Entegris
6.000%, 04/01/22(A)		1,300		1,319
Micron Technology
5.500%, 02/01/25		375		304
5.250%, 08/01/23(A)		575		470
5.250%, 01/15/24(A)		400		322
Microsemi
9.125%, 04/15/23(A)		700		768
Qorvo
7.000%, 12/01/25(A)		875		910
Sensata Technologies BV
5.625%, 11/01/24(A)		425		442
5.000%, 10/01/25(A)		650		655
Sensata Technologies UK Financing
6.250%, 02/15/26(A)		225		239
STATS ChipPAC
8.500%, 11/24/20		5,800		5,638
Total Semi-Conductors				11,814
Sovereign Agency [0.3%]
KazAgro National Management Holding JSC, MTN
4.625%, 05/24/23		2,000		1,660
3.255%, 05/22/19		3,200		3,314
Total Sovereign Agency				4,974
Special Purpose Banks [0.3%]
Vnesheconombank Via VEB Finance
6.902%, 07/09/20		2,000		2,063
6.025%, 07/05/22		2,590		2,532
Total Special Purpose Banks				4,595
Steel & Steel Works [0.5%]
ArcelorMittal
6.125%, 06/01/25		1,500		1,388
Ferrexpo Finance
10.375%, 04/07/19		1,723		1,017

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 73

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Gerdau Trade
4.750%, 04/15/23	$	250	$	198
Metinvest BV
10.250%, 05/20/49		2,959		1,332
Metinvest BV, MTN
10.500%, 11/28/17		2,824		1,271
8.750%, 02/14/18		3,909		1,760
Steel Dynamics
6.375%, 08/15/22		300		309
5.500%, 10/01/24		900		911
5.250%, 04/15/23		125		126
5.125%, 10/01/21		225		227
Total Steel & Steel Works				8,539
Sugar [0.1%]
Cosan Overseas
8.250%, 11/29/49		2,950		2,478
Technology [0.1%]
Truven Health Analytics
10.625%, 06/01/20		1,275		1,360
Telecommunication Equip [0.1%]
CommScope
5.500%, 06/15/24(A)		525		530
CommScope Holding
6.625%, 06/01/20(A) (C)		250		256
CommScope Technologies Finance
6.000%, 06/15/25(A)		950		959
Total Telecommunication Equip				1,745
Telephones & Telecommunications [5.3%]
Altice
7.750%, 05/15/22(A)		1,900		1,870
7.625%, 02/15/25(A)		725		694
Altice Financing
6.625%, 02/15/23(A)		150		150
Altice US Finance I
5.375%, 07/15/23(A)		575		591
Altice US Finance II
7.750%, 07/15/25(A)		1,000		985
Banglalink Digital Communications
8.625%, 05/06/19		4,430		4,585
Colombia Telecomunicaciones ESP
8.500%, 12/29/49(D)		2,500		2,114
Comcel Trust
6.875%, 02/06/24		4,535		4,240
Digicel
7.000%, 02/15/20(A)		325		297
6.000%, 04/15/21		6,340		5,674
6.000%, 04/15/21(A)		175		157
Digicel Group
8.250%, 09/30/20		14,900		12,839
8.250%, 09/30/20(A)		1,375		1,179
7.125%, 04/01/22		3,990		3,102
Intelsat Jackson Holdings
8.000%, 02/15/24(A)		800		824
7.500%, 04/01/21		175		111
6.625%, 12/15/22		1,600		856
5.500%, 08/01/23		1,900		1,145
Intelsat Luxembourg
8.125%, 06/01/23		600		179
7.750%, 06/01/21		825		245
Level 3 Communications
5.750%, 12/01/22		750		774
Level 3 Financing
7.000%, 06/01/20		500		522
5.375%, 01/15/24(A)		100		101
5.375%, 05/01/25		1,200		1,215
5.250%, 03/15/26(A)		400		403
Matterhorn Telecom
3.750%, 05/01/22(D)		1,500		1,600
Mauritius Investments
4.755%, 11/11/24		1,800		1,620
MetroPCS Wireless
6.625%, 11/15/20		600		619
Millicom International Cellular
6.625%, 10/15/21		5,460		5,494
6.000%, 03/15/25		2,805		2,602
4.750%, 05/22/20		890		848
Neptune Finco
10.875%, 10/15/25(A)		1,575		1,712
10.125%, 01/15/23(A)		825		883
6.625%, 10/15/25(A)		625		676
Oi
5.750%, 02/10/22		1,560		417
Portugal Telecom International Finance BV, MTN
5.000%, 11/04/19		100		31
4.500%, 06/16/25		500		134
Sable International Finance
6.875%, 08/01/22		2,640		2,653
Sixsigma Networks Mexico
8.250%, 11/07/21		2,500		2,356
Sprint
7.875%, 09/15/23		2,925		2,237

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 74

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
7.125%, 06/15/24	$	350	$	260
Sprint Capital
6.875%, 11/15/28		1,925		1,405
Sprint Nextel
7.000%, 03/01/20(A)		600		600
6.000%, 11/15/22		1,400		1,024
Syniverse Holdings
9.125%, 01/15/19		1,150		517
Telemar Norte Leste
9.500%, 04/23/19		150		42
5.500%, 10/23/20		2,300		805
T-Mobile USA
6.836%, 04/28/23		1,300		1,371
6.731%, 04/28/22		125		131
6.633%, 04/28/21		125		131
6.625%, 04/01/23		1,450		1,526
6.500%, 01/15/24		875		910
6.500%, 01/15/26		700		727
6.375%, 03/01/25		575		589
6.125%, 01/15/22		275		284
6.000%, 04/15/24		550		557
Verisure Holding
6.000%, 11/01/22		500		604
Vimpel Communications Via VIP Finance Ireland
7.748%, 02/02/21		2,874		3,075
VimpelCom Holdings BV
7.504%, 03/01/22		3,663		3,860
Virgin Media Finance
6.375%, 04/15/23(A)		675		702
Virgin Media Secured Finance
5.250%, 01/15/26(A)		2,250		2,250
Vivacom, MTN
6.625%, 11/15/18		3,573		4,158
Total Telephones & Telecommunications				94,262
Textile-Home Furnishings [0.0%]
Springs Industries
6.250%, 06/01/21		850		854
Textile-Products [0.1%]
Golden Legacy PTE
9.000%, 04/24/19		1,200		1,171
Golden Legacy PTE
9.000%, 04/24/19		870		870
Total Textile-Products				2,041
Transactional Software [0.1%]
Solera
10.500%, 03/01/24(A)		1,175		1,181
Transportation Services [1.5%]
Air Medical Merger Sub
6.375%, 05/15/23(A)		1,325		1,242
DME Airport
6.000%, 11/26/18		2,000		1,935
DTEK Finance
10.375%, 03/28/18		1,756		589
7.875%, 04/04/18		7,241		2,428
Dubai Holding Commercial Operations, MTN
6.000%, 02/01/17		1,050		1,529
Far East Capital
8.750%, 05/02/20		1,690		871
8.000%, 05/02/18		2,380		1,247
Favor Sea
11.750%, 02/04/19		2,010		1,608
Grupo KUO De
6.250%, 12/04/22		2,322		2,265
Kazakhstan Temir Zholy Finance BV
6.375%, 10/06/20		2,425		2,386
Nielsen Luxembourg SaRL
5.500%, 10/01/21(A)		250		260
Noble Group
6.000%, 06/24/49(D)		3,754		1,636
Sabre GLBL
5.375%, 04/15/23(A)		900		924
5.250%, 11/15/23(A)		125		127
SCF Capital
5.375%, 10/27/17		500		506
Silk Bidco
7.500%, 02/01/22		100		119
Topaz Marine
8.625%, 11/01/18		1,310		1,185
Travelex Financing
6.589%, 08/01/18(D)		1,000		1,429
Ukraine Railways via Shortline
9.875%, 09/15/21		6,200		5,333
Total Transportation Services				27,619
Utility [0.1%]
Suburban Propane Partners
7.375%, 08/01/21		275		280
5.750%, 03/01/25		350		334

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 75

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
5.500%, 06/01/24	$	1,300	$	1,255
Total Utility				1,869
X-Ray Equipment [0.0%]
Hologic
5.250%, 07/15/22(A)		475		495
Total Corporate Bonds
(Cost $952,060)				878,453
Loan Participations [29.0%]
Aerospace [0.7%]
Air Canada, Term Loan
4.000%, 09/26/19		1,405		1,404
AM General Corporation, Term Loan B - 2013
10.250%, 03/22/18(G) (I)		335		244
American Airlines Inc, 2015 Term Loans
3.250%, 06/27/20		1,240		1,233
AWAS, Term Loan
0.000%, 06/18/18(H)		1,425		1,422
Computer Sciences Government Services Inc., Term Loan B
3.750%, 10/06/22		883		884
Dae Aviation Holdings, Term Loan B
5.250%, 07/07/22		149		149
Delos, Term Loan B
3.500%, 03/06/21		370		370
Tasc Inc, Second Lien
12.000%, 05/23/21		580		542
Tasc Inc, Term Loan
6.500%, 05/23/20		655		629
TransDigm Inc., Term Loan C
3.750%, 02/28/20		1,469		1,448
TransDigm Inc., Term Loan D
3.750%, 06/04/21		1,756		1,729
TransDigm Inc., Term Loan E
3.500%, 05/13/22		1,438		1,414
US Airways Group Inc, Term Loan B-1
3.500%, 05/23/19		1,132		1,129
WP CPP Holdings, Second Lien
8.750%, 04/30/21		22		19
WP CPP Holdings, Term B-3 Loan
4.500%, 12/28/19		168		155
Total Aerospace				12,771
Automotive [0.3%]
Car Trawler, Term Loan
4.250%, 04/30/21(F)		3,000		3,311
Oasis Holdings
4.683%, 11/19/20(G) (I)		4,580		1,718
Total Automotive				5,029
Broadcasting [0.7%]
Cumulus Media, Term Loan B
4.250%, 12/23/20		508		342
Gray Television, Inc., Term Loan B
3.938%, 06/13/21		2,524		2,515
Gray Television, Inc., Term Loan C
4.250%, 06/13/21		339		339
IHeart Communications, Term Loan D Extended
7.183%, 01/30/19		3,248		2,249
IHeart Communications, Term Loan E
7.670%, 07/30/19		2,313		1,594
Media General Inc, Term Loan B
4.000%, 07/31/20		568		567
Sinclair Broadcasting Group, Term Loan B - 2011
3.000%, 10/28/16		—		—
Tribune Media Company, Term Loan B
3.750%, 12/27/20		1,935		1,926
Univision Comm (fka Umbrella), Replacement First-Lien Term Loans
4.000%, 03/01/20		2,230		2,206
Univision Comm (fka Umbrella), TL C-3 (2013 Inc. Term Loans)
4.000%, 03/01/20(D)		1,315		1,301
Total Broadcasting				13,039
Cable/Wireless Video [2.1%]
Altice Financing
4.500%, 07/15/22		1,995		2,230
Cablevision Systems Corp, Term Loan B - 2013
2.938%, 04/17/20(D)		943		942
Charter Comm Operating, LLC, Term Loan A1
2.160%, 04/22/18		420		414

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 76

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Charter Comm Operating, LLC, Term Loan E
3.000%, 04/10/20	$	1,891	$	1,881
Charter Comm Operating, LLC, Term Loan H
3.250%, 07/23/21		510		508
Charter Comm Operating, LLC, Term Loan I
3.500%, 01/24/23		1,690		1,690
CSC Holdings Inc., Term Loan B
5.000%, 09/23/22		1,120		1,120
Eircom
4.500%, 05/31/22		3,002		3,380
Liberty Cablevision of Puerto Rico, First Lien Term Loan
4.500%, 12/24/21		2,190		2,086
Liberty Cablevision of Puerto Rico, Second Lien - 2014
7.750%, 06/26/23		215		199
M7 Group
4.250%, 06/17/21		995		1,109
MCC Iowa (Broadband), Term Loan H
3.250%, 01/22/21		1,270		1,262
Quebecor Media, Term Loan B
3.250%, 08/17/20		2,284		2,251
Serbia Broadband (Telemach), Term Loan
8.278%, 06/19/19		3,135		3,533
Tele Columbus
0.000%, 11/06/22		1,000		1,129
6.000%, 01/21/21		1,000		1,128
UPC Financing, Term Loan AH
3.250%, 06/10/21		860		852
Virgin Media Invst Hlds Ltd, Term Loan F
3.500%, 06/07/23		2,835		2,809
WideOpenWest Finance LLC, Term Loan B - 2019 new
4.500%, 04/01/19		1,716		1,696
WideOpenWest Finance LLC, Term Loan B1 - 2017
3.750%, 07/17/17		418		414
Ziggo B.V., Term Loan B1
3.500%, 01/15/22		2,589		2,562
Ziggo B.V., Term Loan B2
3.500%, 01/15/22		1,668		1,651
Ziggo B.V., Term Loan B3
3.601%, 01/15/22		2,743		2,715
Total Cable/Wireless Video				37,561
Chemicals [1.7%]
Axalta Coating Systems US Holdings, Term Loan B - 2014
3.750%, 02/01/20		789		784
Chemours Co LLC, Term Loan B
3.750%, 05/12/22		600		572
Constantia Flexibles Cov-Lite, 1st Lien
4.750%, 04/30/22		162		161
4.750%, 04/30/22		831		827
Flint Group SA, Term Loan B-2
4.750%, 09/03/21		2,536		2,474
Flint Group SA, Term Loan C
4.750%, 09/03/21		419		409
GCP Applied Technologies Inc, Term Loan B
5.250%, 01/22/22		255		255
Gemini HDPE LLC, Term Loan B
4.750%, 07/24/21		718		708
Huntsman International LLC, Term Loan
0.000%, 03/31/23(H)		1,450		1,443
Huntsman International LLC, Term Loan C
2.460%, 06/30/16		329		327
Ineos Finance PLC, Term Loan
4.000%, 12/15/20		990		1,099
Ineos Group Holdings PLC, Dollar Term Loans - 2018
3.750%, 04/27/18		1,204		1,189
Ineos Group Holdings PLC, Dollar Term Loans - 2020
3.750%, 12/15/20		3,214		3,158
Ineos Group Holdings PLC, Term Loan - 2022
4.250%, 03/11/22		267		263
Ineos Group Holdings PLC, Tranche 1 Extended Dollar Term Loans
2.939%, 12/31/16		995		990
Klockner Pentaplast
5.000%, 04/28/20		932		1,062
5.000%, 04/22/20		1,053		1,200
Kraton Polymers, Term Loan B
6.000%, 01/06/22		710		669
MacDermid Holdings, LLC, Tranche B Term Loan
5.500%, 06/05/20		341		328

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 77

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
MacDermid Inc. (Platform), Tranche B-3 Loan
5.500%, 06/05/20	$	637	$	614
Minerals Technologies Inc., Term Loan B-1
3.750%, 05/09/21		2,974		2,959
Minerals Technologies Inc., Term Loan B-2
4.750%, 05/09/21		1,645		1,643
Perstorp Holding AB, Facility A (Mezzanine)
6.501%, 12/27/17		2,316		2,226
Platform Specialty
5.500%, 06/05/20		995		1,098
Polyone Corp, Term Loan B
3.750%, 11/11/22		219		220
Styrolution, Term Loan B-1
6.500%, 11/07/19		2,489		2,495
Univar, Term Loan B
4.250%, 07/01/22		488		480
Total Chemicals				29,653
Consumer Non-Durables [0.3%]
Coty Inc, Term Loan B (Galleria)
3.750%, 01/26/23		525		523
Coty Inc, Term Loan B
3.750%, 10/27/22		205		204
Eastman Kodak Company, Exit Term Loan
7.250%, 09/03/19		276		263
Jarden Corporation, Tranche B-1 Term Loan
2.903%, 09/30/20		253		253
Party City Holdings Inc., Term Loan B - new
4.250%, 08/19/22		363		359
PHS, Lien 1
5.529%, 04/17/20		1,491		2,134
Spectrum Brands Inc, Term Loan
3.500%, 06/23/22		455		456
Varsity Brands (Hercules Achievement), Term Loan B
5.000%, 12/10/21		1,604		1,598
Total Consumer Non-Durables				5,790
Diversified Media [1.0%]
Activision Blizzard Inc., Term Loan B
3.250%, 10/12/20		612		615
Affinion Group Inc., Term Loan B
6.750%, 10/08/16		203		179
ALM Media, LLC, Term Loan B
5.500%, 07/29/20(G) (I)		212		201
Bureau Van Dijk
5.216%, 09/17/21(F)		881		1,235
Deluxe Entertainment Services Group, Term Loan
6.500%, 02/28/20		573		542
Emerald Expositions Holding, Inc., Term Loan B
4.750%, 06/17/20		249		247
Harland Clarke Holdings, Cov-Lite Term Loan B-4
6.000%, 08/04/19		3,619		3,483
Harland Clarke Holdings, Term Loan B3
7.000%, 05/22/18		4,766		4,677
Harland Clarke Holdings, Tranche B-2 TL
5.510%, 06/30/17		809		796
Learfield Communications, 2014 Replacement Term Loan
4.500%, 10/09/20		166		165
Lions Gate Entertainment, Second Lien
5.000%, 03/17/22		740		720
Live Nation, Term Loan B
3.500%, 08/17/20		517		516
McGraw-Hill, Term Loan
4.750%, 03/22/19		193		192
MediArena Acquisition (Endemol), First Lien Term Loan
6.750%, 08/11/21		504		438
Merrill Communications LLC, Term Loan - 2022
6.250%, 05/27/22		477		383
Quincy Newspapers, Term Loan B
5.500%, 10/19/22		383		376
Regal Cinemas, Term Loan
3.750%, 04/01/22		466		467
Rovi Solutions Corporation, Term Loan B
3.750%, 07/02/21		408		402

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 78

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Warner Music Group Corp., Term Loan - 2013
3.750%, 07/01/20	$	272	$	268
WME IMG Holdings LLC, Second Lien
8.250%, 05/06/22		360		342
WME IMG Holdings LLC, Term Loan B
5.250%, 05/06/21		1,980		1,977
Total Diversified Media				18,221
Energy [0.9%]
Alon USA Inc, MLP Term Loan
9.250%, 11/26/18		546		543
Azure Midstream Holdings LLC, Term Loan B
7.500%, 11/15/18		186		93
Chief Exploration & Development LLC, Second Lien
7.500%, 05/16/21		130		76
CITGO Petroleum Corp., Term Loan B 2015
9.500%, 05/09/18		2,107		2,106
Drillships Financing Holding Inc.,, Term Loan B1
6.000%, 03/31/21		1,197		426
EMG Utica, Term Loan
4.750%, 03/27/20(F)		602		464
Energy Transfer Equity LP, Term Loan B
3.250%, 12/02/19		4,555		4,046
Euro Garage Limited, Term Loan
0.000%, 01/27/23		2,000		2,829
Frac Tech International, Term Loan B - 2014
5.750%, 04/16/21(G) (I)		641		75
Glenn Pool Oil , Term Loan
4.500%, 05/02/16(G) (I)		60		59
Harvey Gulf Int’l Marine, Term Loan B
6.750%, 06/18/20		307		163
KCA Deutag, Term Loan
6.250%, 05/15/20		261		176
Motor Fuel
6.001%, 08/05/22		2,000		2,804
New World Resources
11.500%, 10/07/16(G) (I)		300		341
Osum Production Corp., Term Loan B
6.500%, 07/31/20(G) (I)		1,130		486
Paradigm, Term C Loan
4.750%, 07/24/19		138		99
Philadelphia Energy Solutions, Term Loan
6.250%, 04/04/18		355		337
Seadrill Operating LP, Term Loan B
4.000%, 02/21/21		699		307
Sheridan Production Partners, Term Loan II-A
4.250%, 12/16/20(G) (I)		25		10
Sheridan Production Partners, Term Loan II-M
4.250%, 12/16/20(G) (I)		9		4
Sheridan Production Partners, Term Loan II-SIP
4.250%, 12/16/20(G) (I)		181		73
Southcross Holdings Borrower LP, Term Loan B
6.000%, 08/04/21		177		18
Stonewall Gas Gathering LLC, Loan
8.750%, 01/28/22		457		451
Templar Energy LLC, Second Lien - 2014
8.500%, 11/25/20		4,345		430
Vantage Drilling Co (Offshore), Term Loan
5.000%, 10/25/17		507		78
Vantage Drilling Co (Offshore), Term Loan B (2013)
5.750%, 03/28/19		266		42
Western Refining, Term Loan B
4.250%, 11/12/20		353		342
Total Energy				16,878
Financial [1.6%]
Aruba Investments, First Lien
4.250%, 02/02/22		993		1,121
Compass Investors Inc. (USI), Term Loan
4.250%, 12/27/19		269		264
Dtz U.S. Borrower, Llc, Second Lien
9.250%, 11/04/22		220		216
Dubai World
2.000%, 09/30/18		6,867		5,196
4.750%, 09/30/22(G) (I)		10,198		7,648
Financiere Verdi
0.000%, 11/04/22		1,000		1,132

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 79

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Foncia Groupe, Term Loan D
4.250%, 06/01/18	$	2,000	$	2,254
4.250%, 03/24/21		1,000		1,133
Grosvenor Capital Mngt Hlgs LLP, Cov-Lite Term Loan
3.750%, 01/04/21		223		219
Ineos U.S. Finance LLC, 1st Lien
4.250%, 03/11/22		990		1,104
Ion Trading Technologies, Lien 1
4.500%, 06/10/21		1,640		1,859
iStar Financial Inc., Term Loan A-2 - 2012
7.000%, 03/19/17		467		464
Optimal Payments Ltd.
4.000%, 01/22/21		2,000		2,264
RCS Capital Corporation, Term Loan
6.500%, 04/29/19(G) (I)		484		319
Starwood Property Trust, Inc., Term Loan
3.500%, 04/17/20		353		350
Victory Capital Management, Term Loan B
7.000%, 10/31/21(G) (I)		264		254
Vistra Group, Ltd.
4.751%, 07/21/22		995		1,134
Walter Investment Management, Term Loan B
4.750%, 12/18/20		815		707
Total Financial				27,638
Food and Drug [0.4%]
Albertsons, LLC, Term Loan B-2
5.500%, 03/21/19		2,573		2,572
Albertsons, LLC, Term Loan B-3
4.000%, 08/09/19		304		303
Albertsons, LLC, Term Loan B-4
5.500%, 08/25/21		124		124
Albertsons, LLC, Term Loan B-5
5.500%, 12/10/22		1,102		1,103
Rite Aid Corporation, Second Lien - Tranche 1 Term Loans
5.750%, 07/07/20		1,085		1,087
Rite Aid Corporation, Second Lien - Tranche 2 Term Loans
4.875%, 06/21/21		440		440
Solina Group
0.000%, 12/16/22		2,000		2,259
Total Food and Drug				7,888
Food/Tobacco [0.8%]
Agrokor
9.000%, 06/04/18		3,500		3,768
Burger King (1011778 B.C. / New Red), Term Loan B 2015
3.750%, 12/10/21		3,604		3,599
Deoleo, Term Loan
4.500%, 06/02/21		3,000		2,515
JBS USA LLC, Term Loan
4.000%, 10/31/22		389		387
JBS USA LLC, Term Loan B-2
3.750%, 09/18/20		288		285
Keurig, Term Loan
0.000%, 02/09/23		2,000		2,283
Landry’s Inc., Term Loan B
4.000%, 04/19/18		530		528
Post Holdings Inc, Term Loan B
3.750%, 06/02/21		225		225
United Biscuits
4.837%, 12/10/21		1,000		1,426
Total Food/Tobacco				15,016
Forest Prod/Containers [0.6%]
Ardagh Holdings USA Inc., Incremental Term Loan B
4.000%, 12/17/19		980		978
Berry Plastics Corp., Cov-Lite Term Loan E
3.750%, 01/06/21		1,000		996
Berry Plastics Corp., Term Loan D
3.500%, 02/08/20		2,714		2,700
Berry Plastics Corp., Term Loan F
4.000%, 09/16/22		366		366
Caraustar Industries, Inc., Term Loan B
7.500%, 05/01/19		354		345
CD&R Millennium LLC (Mauser), Second Lien
8.750%, 07/31/22		150		129
Oak Tea Inc.
4.250%, 07/02/21(F)		1,163		1,324
Owens-Brockway Glass Container Inc., Term Loan B
3.500%, 08/14/22		207		207

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 80

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Reynolds Group Holdings, Term Loan B - 2013
4.000%, 12/01/18	$	451	$	451
SIG Combibloc (Onex Wizard), Term Loan B
4.250%, 03/11/22		213		212
Signode Industrial Group US Inc., Term Loan B
3.750%, 05/01/21		1,359		1,318
Verallia, Lien 1
5.000%, 07/22/22		2,000		2,276
Total Forest Prod/Containers				11,302
Gaming/Leisure [2.3%]
Amaya, First Lien Term Loan
5.000%, 08/01/21		970		889
Belmond Interfin Ltd., Term Loan
4.000%, 03/19/21		392		387
Boyd Gaming Corp, Term Loan B
4.000%, 08/14/20		165		165
Caesars Entertainment Op Co Inc, Prop Co Term Loan
7.000%, 10/11/20		1,387		1,278
Caesars Entertainment Op Co Inc, Term Loan B-6 Extended
9.500%, 01/28/18(D)		3,952		3,623
Caesars Entertainment Op Co Inc, Term Loan B7
9.750%, 03/01/17		751		689
CCM Merger (Motor City), Term Loan B - new
4.500%, 08/06/21		1,578		1,572
Diamond Resorts Corp, Cov-Lite Term Loan
5.500%, 05/09/21		1,678		1,628
Four Seasons Holdings Inc., Second Lien
6.250%, 12/27/20		195		193
Four Seasons Holdings Inc., Term Loan (12/13)
3.500%, 06/27/20		913		905
Gala Group Finance Ltd., First Lien
5.013%, 05/25/18		2,410		3,451
Global Cash Access, Term Loan B
6.250%, 11/25/20		395		365
Hilton Worldwide Finance, LLC., Term Loan B-1
3.500%, 10/25/20(D)		9,551		9,548
La Quinta Intermediate Holdings, Term Loan B
3.750%, 04/14/21		546		536
LTF Merger Sub, Inc. (Lifetime Fitness), Term Loan
4.250%, 06/10/22		252		249
MGM Resorts, Term Loan A
3.189%, 12/20/17		144		144
MGM Resorts, Term Loan B
3.500%, 12/20/19		6,402		6,383
Mohegan Tribal Gaming, Term Loan B
5.500%, 11/19/19		413		399
Nordic Cinema
4.000%, 06/10/22		2,000		2,259
Park Resorts Group Limited
5.762%, 10/07/22		1,000		1,429
Parques, Term Loan
5.000%, 03/26/19		3,000		3,382
Playa Resorts Holding, Term Loan B
4.000%, 08/09/19		185		181
Scientific Games Inc., Term Loan B
4.250%, 10/18/20		29		28
4.250%, 10/18/20		690		667
4.250%, 10/18/20		88		85
Total Gaming/Leisure				40,435
Healthcare [2.5%]
Aenova
5.000%, 09/29/20		2,000		1,948
Alere Inc., Term Loan A
3.200%, 06/11/20		350		346
Ardent Legacy Holdings, Term Loan B
7.750%, 08/04/21		254		254
CDRH (Healogics), Term Loan B
5.250%, 07/01/21		355		324
Community Health Systems, Inc., Term Loan A - 2019
2.608%, 01/25/19		3,300		3,201
Community Health Systems, Inc., Term Loan F
3.425%, 01/25/18		2,475		2,448
Community Health Systems, Inc., Term Loan G
3.750%, 12/31/19		814		798

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 81

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Community Health Systems, Inc., Term Loan H
4.000%, 01/27/21	$	1,277	$	1,254
Concordia Healthcare Corp, Initial Dollar Term Loans
5.250%, 10/21/21		499		485
ConvaTec Healthcare, Term Loan B
4.250%, 12/30/16		530		525
DPX Holdings B.V., Term Loan B
4.250%, 03/11/21		990		953
Emdeon Inc, Term Loan B-2
3.750%, 11/02/18		357		355
Endo Pharmaceutical, Term Loan B
3.750%, 06/24/22		1,721		1,693
eResearch Technology, Inc., Term Loan
5.500%, 05/06/22		288		287
Genoa-QoL Acquisitions Corp, Second Lien
8.750%, 04/21/23		55		51
Gesundheits
4.750%, 07/25/21(F)		1,000		1,130
Greatbatch, Ltd., Term Loan B
5.250%, 10/14/22		1,753		1,750
Grifols, Inc, Term Loan B
3.433%, 02/27/21		2,721		2,717
Halyard Health, Inc., Term Loan B
4.000%, 10/01/21		317		316
HCA Inc, Term Loan B-6
0.000%, 03/01/23		1,890		1,896
HCA Inc, Tranche B-4 Term Loan
3.357%, 05/01/18		2,942		2,941
Iasis Healthcare Corporation, Term Loan B - 2013
4.500%, 05/03/18		3,146		3,125
IMS Healthcare, Term Loan B - 2021
3.500%, 03/17/21		548		547
Indivior Finance S.Ã r.l., Term Loan B
7.000%, 12/19/19		504		477
inVentiv Health, Inc., Term B-4 Loan
7.750%, 05/15/18		475		474
Kindred Healthcare Inc., Term Loan B
4.250%, 04/09/21		394		383
Kinetic Concepts, Term Loan E-1
4.500%, 05/04/18		257		255
Lannett Company, Inc, Term Loan A
0.000%, 11/25/20(H)		370		344
Medimpact Holdings Inc, Term Loan B
5.750%, 09/30/22		546		545
MultiPlan Inc, Term Loan
3.750%, 03/31/21(D)		2,766		2,737
Regional Care (aka RCHP, Inc.), Second Lien
11.250%, 10/23/19		95		95
Regional Care (aka RCHP, Inc.), Term Loan B2
6.000%, 04/23/19		960		953
Royalty Pharma (aka RPI), Term Loan B-4
3.500%, 11/09/20		3,383		3,390
Siemens Audiology, Lien 1
4.250%, 01/17/22		993		1,131
Sunrise Medical, Cov-lite Term Loan
5.000%, 07/05/22		303		337
Sunrise Medical, Lien 1 Term Loan B
5.001%, 07/05/22		2,197		2,440
US Renal Care, First Lien Term Loan
5.250%, 11/17/22		698		695
Valeant Pharmaceuticals International, Series A-3 Tranche A Term Loan
0.000%, 10/20/18(H)		223		212
Total Healthcare				43,812
Housing [0.4%]
ABC Supply Company, Term Loan B
3.500%, 04/16/20		650		649
Beazer Homes USA, Term Loan
0.000%, 03/10/18		3,000		2,970
Continental Building Products LLC, First Lien Term Loan
4.000%, 08/28/20		248		242
DTZ US Borrower LLC, Incremental Term Loan
4.250%, 11/04/21		3,240		3,208
Quikrete Holdings, Inc., First Lien Term Loan
4.000%, 09/28/20		269		269

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 82

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Realogy Corporation, New Term Loan B
3.750%, 03/05/20	$	310	$	310
Total Housing				7,648
Industrials [0.0%]
Delachaux
5.250%, 09/25/21(F)		370		517
Information Technology [3.0%]
Active Network, Inc., First Lien Term Loan
5.500%, 11/13/20(G) (I)		108		102
Aricent Technologies, Term Loan
5.500%, 04/14/21		123		108
Arris Group, Inc., Term Loan A
0.000%, 06/18/20(H)		300		297
Arris Group, Inc., Term Loan B 2015
3.250%, 04/17/20		719		701
Avago Technologies Finance, Term Loan B
4.250%, 02/01/23(D)		11,525		11,461
Avaya Inc., Term B-6 Loans
6.500%, 03/31/18		908		665
Avaya Inc., Term Loan B-7
6.250%, 05/29/20		2,564		1,706
Blackboard Inc, Term Loan B3
4.750%, 10/04/18		949		878
CDW LLC, Term Loan
3.250%, 04/29/20		1,172		1,168
CompuCom Systems, Inc., Term Loan B
4.250%, 05/07/20		134		94
Dell Inc, Term Loan B-2
4.000%, 04/29/20		2,163		2,161
Dell Inc, Term Loan C
3.750%, 10/29/18		501		501
Infinitas Learning Netherlands, Term Loan
0.000%, 01/27/23		2,000		2,250
Infor (US), Term Loan B-3
3.750%, 06/03/20		185		179
Infor (US), Term Loan B-5
3.750%, 06/03/20		334		323
Informatica, Term Loan
4.500%, 06/03/22		995		1,115
Internap Network Services, Term Loan
6.000%, 11/26/19		388		341
iParadigms Holdings LLC, First Lien Term Loan
5.000%, 07/23/21		251		236
IPC Corp., Term B-1 Loans
5.500%, 08/06/21		277		257
LGC Science Holdings Limited, Term Loan
0.000%, 01/27/23(H)		1,320		1,508
Microsemi Corporation, Term B Loan
5.250%, 12/17/22		463		465
NXP BV/NXP Funding LLC, Term Loan B
3.750%, 12/07/20		3,897		3,903
On Semiconductor Corp, Term Loan
1.980%, 01/02/18(G) (I)		427		416
On Semiconductor Corp, Term Loan B
0.000%, 03/31/23(H)		820		820
Presidio, Inc., Term Loan - 2022
5.250%, 02/02/22		589		577
RAET B.V.
4.250%, 07/01/21		1,500		1,684
Riverbed Technology, Inc., Term Loan B
6.000%, 04/24/22		439		440
Scout24 Holdings
4.250%, 12/12/20		1,785		2,017
Sirius Computer Solutions (SCS), Term Loan
6.000%, 10/13/22		371		367
SolarWinds, Term Loan B
6.500%, 02/01/23		430		425
Solera, Term Loan
0.000%, 02/28/23		2,000		2,272
Solera, Term Loan B
5.750%, 02/28/23		1,515		1,512
Southern Graphics Inc., Term Loan - 2013
4.250%, 10/17/19		204		201
SS&C Technologies, Term Loan B-1 (2022)
4.083%, 07/08/22		1,940		1,943
SS&C Technologies, Term Loan B-2 (2022)
4.083%, 07/08/22		281		282
Technicolor, Term Loan
5.500%, 07/11/20		3,658		3,620
TTM Technologies, Term Loan
6.000%, 05/07/21		661		626

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 83

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Vertafore, Inc., Term Loan - 2013
4.250%, 10/03/19	$	784	$	782
Webhelp, Term Loan
0.000%, 01/27/23(H)		1,000		1,128
Western Digital Corporation, Term Loan B
0.000%, 03/30/23(H)		1,090		1,076
Zebra Technologies Corp, Term Loan B
4.750%, 09/30/21(F)		3,499		3,518
Total Information Technology				54,125
Manufacturing [0.5%]
Dynacast International LLC, Term Loan B-1
4.500%, 01/28/22		361		358
Generac Power Systems Inc, Term Loan B
3.500%, 06/22/18		170		169
Keurig Green Mountain, Inc, Term Loan B
5.250%, 01/21/23		6,627		6,616
LTI Boyd Corporation, Second Lien
10.250%, 04/17/23		500		420
Manitowoc, Term Loan B
5.750%, 02/05/23		984		987
Mirror Bidco Corp. (Dematic), Cov-Lite Term Loan
4.250%, 12/28/19		290		287
Otter Products, LLC, Term Loan B
5.750%, 06/03/20		340		293
Total Manufacturing				9,130
Metals/Minerals [0.5%]
Atkore International, Inc., Second Lien
7.750%, 10/09/21(H)		145		132
Atkore International, Inc., Term Loan
4.500%, 04/09/21		1,197		1,164
Atlas Iron Limited, Term Loan
8.750%, 12/10/17(G) (I)		112		12
Fortescue Metals Group (FMG), Cov-Lite Term Loan
4.250%, 06/30/19(D)		7,902		6,656
Novelis Inc., Incremental Term Loan
4.000%, 06/02/22		1,479		1,438
Total Metals/Minerals				9,402
Retail [2.2%]
Abercrombie & Fitch Management Co., Term Loan B
4.750%, 07/30/21		1,168		1,140
AS Adventure
5.883%, 04/12/22		1,000		1,393
AS Adventure, Term Loan B
5.001%, 04/01/22		2,000		2,173
BJ’s Wholesale Club Inc, Second Lien Term Loan
8.500%, 03/26/20		680		625
Capital Automotive LP, Second Lien
6.000%, 04/30/20(F)		2,205		2,197
Capital Automotive LP, Term Loan - 2013
4.000%, 04/10/19		1,643		1,643
CWGS Group, LLC, Term Loan
5.750%, 02/20/20		1,682		1,644
Dollar Tree Inc, Term Loan B-1
3.500%, 07/06/22		1,893		1,898
Dollar Tree Inc, Term Loan B-2
4.250%, 07/06/22		2,365		2,361
Dunmen Orange
5.000%, 12/02/22		3,000		3,384
Hudson’s Bay Company, Term Loan B - 2022
4.750%, 08/12/22		6,326		6,302
J Crew Group Inc, Term Loan B
4.000%, 03/05/21		974		756
JC Penney, Prop Co Term Loan
6.000%, 05/21/18		3,432		3,435
Kate Spade & Company, Term Loan B
4.000%, 04/09/21		267		263
Mattress Firm Holding Corp, Term Loan B
6.250%, 10/20/21		430		427
Men’s Wearhouse, Inc., Term Loan B
4.500%, 06/18/21		195		187
Men’s Wearhouse, Inc., Term Loan B1 (Fixed)
0.000%, 06/18/21		35		33

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 84

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Michaels Stores, Term Loan B
3.750%, 01/28/20(D)	$	350	$	349
Neiman Marcus (fka Mariposa), New Term Loan
4.250%, 10/25/20		758		693
Petco Animal Supplies Inc, Term Loan B1
5.750%, 01/15/23		420		419
Petco Animal Supplies Inc, Term Loan B2
5.619%, 01/15/23		270		270
Petsmart (fka Argos Merger), Term Loan B-1
4.250%, 03/10/22		1,210		1,204
Sears Roebuck Acceptance Corp., Term Loan
0.000%, 07/20/20(H)		975		960
Sears Roebuck Acceptance Corp., Term Loan B
5.500%, 06/30/18		2,170		2,062
Toys R Us Property Company, Initial Term Loan
6.000%, 08/21/19		1,443		1,266
Toys R Us-Delaware, Inc., FILO CAD Term Loan
8.250%, 10/09/19		125		121
Toys R Us-Delaware, Inc., FILO US Term Loan
8.250%, 10/09/19		155		150
Toys R Us-Delaware, Inc., Term Loan B-3
5.250%, 05/25/18		33		28
Toys R Us-Delaware, Inc., Term Loan B4
9.750%, 04/09/20		1,321		1,061
Total Retail				38,444
Service [2.6%]
4L Technologies Inc., Term Loan B
5.500%, 05/08/20(G) (I)		64		57
Advanced Disposal Services, Term Loan B-2
3.750%, 10/09/19(D)		645		639
AHT Cooling
4.271%, 11/19/20		1,000		1,098
AI Avocado BV
4.000%, 10/08/21		1,000		1,129
Asurion Corporation, Incremental Term Loan B-2
4.250%, 07/08/20		1,235		1,189
Asurion Corporation, Incremental Tranche B-1
5.000%, 05/24/19		2,244		2,210
Asurion Corporation, Second Lien
8.500%, 03/03/21		2,295		2,144
Asurion Corporation, Term Loan B-4
5.000%, 07/29/22		2,650		2,592
Busy Bees Nurseries Ltd., Term Loan
4.750%, 04/29/22		1,000		1,410
Callcredit Information Group, 1st Lien
5.181%, 02/12/21(F)		3,000		4,131
DigitalGlobe Inc, Term Loan B
4.450%, 01/31/20		—		—
Dorna Sports, Term Loan
4.172%, 04/30/21(F)		1,949		2,183
Environmental Resources, Term Loan
8.000%, 05/09/22		2,000		1,635
5.000%, 05/07/21		2,000		1,750
Evertec Group, LLC, Term Loan A
2.700%, 04/17/18		518		486
First Data Corporation, 2018 New Dollar Term Loan
3.932%, 03/23/18		4,008		3,997
First Data Corporation, 2018B Second New Term Loan
3.934%, 09/24/18		805		803
First Data Corporation, 2021 Extended Dollar Term Loan
4.427%, 03/24/21		1,745		1,739
First Data Corporation, New 2022 Dollar Term Loan
4.182%, 07/08/22		1,185		1,177
Hertz Corp., Term Loan B-2
3.000%, 03/11/18		3,677		3,655
Imagine Print Solutions, Inc, Term Loan B
0.000%, 03/16/22(H)		215		215
iQor US Inc., Term Loan B
6.000%, 04/01/21		1,040		839
Nets Holdings, Term Loan
4.250%, 05/04/21		3,000		3,359
Redtop Acquisitions Limited, Second Lien
8.250%, 06/03/21		186		175
Sedgwick, Inc., First Lien Term Loan
3.750%, 03/01/21		1,479		1,437

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 85

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Sedgwick, Inc., Second Lien
6.750%, 02/28/22	$	760	$	704
Spin Holdco (Coinmach), Term Loan B
4.250%, 11/14/19		108		105
STG-Fairway Acq. - First Advantage, Term Loan B - new
6.250%, 06/29/22		1,724		1,672
Sutherland Global Services, Initial Cayman Term Loan
6.000%, 04/23/21		268		265
Sutherland Global Services, Initial US Term Loan
6.000%, 04/23/21		1,153		1,138
TransUnion LLC, Term Loan B-2
3.500%, 04/09/21		786		777
Travelport, Term Loan B
5.750%, 09/02/21		1,045		1,043
Total Service				45,753
Sovereign [0.5%]
Arab Republic of Egypt
1.884%, 01/04/21(G) (I)		2,572		2,390
Republic of Angola
6.600%, 12/06/20		7,000		6,335
Total Sovereign				8,725
Telecommunications [1.6%]
Altice Financing, Term Loan B
5.500%, 07/02/19		3,734		3,739
Altice Financing, Term Loan B (Cequel)
4.250%, 12/14/22		1,119		1,111
Altice Financing, Term Loan B 2022
5.250%, 01/28/22		228		229
Cable & Wireless Communications PLC (Sable), Term Loan B-1
0.000%, 12/02/22(H)		308		307
Cable & Wireless Communications PLC (Sable), Term Loan B-2
0.000%, 12/02/22(H)		252		251
Communications Sales & Leasing Inc, Term Loan
5.000%, 10/14/22(H)		3,154		3,048
EIG Investors Corp, Term Loan
0.000%, 02/09/23(H)		595		550
Frontier Communications, Term Loan A
3.050%, 10/14/16		2,809		2,753
Integra Telecom, Term Loan B - new
5.250%, 08/14/20		425		400
Level 3 Communications, Term Loan B-3 -2019
4.000%, 08/01/19		735		736
Level 3 Communications, Term loan B-4 - 2020
4.000%, 01/15/20		3,665		3,673
LTS Buyer LLC (Light Tower), Term Loan
4.000%, 04/13/20		630		622
Numericable U.S. LLC, Term Loan B-1
4.500%, 05/21/20		2,673		2,651
Numericable U.S. LLC, Term Loan B-2
4.500%, 05/21/20		2,313		2,293
Numericable U.S. LLC, Term Loan B-5
4.563%, 07/27/22		359		354
Sky Bet, Cov-Lite First Lien Term Loan
6.500%, 02/25/22		1,000		1,433
Telenet Communications
3.500%, 05/01/23		2,000		2,229
WestCorp, Term Loan B-11
4.250%, 11/20/21		244		244
Zayo Group LLC, Term Loan B - 2012
4.000%, 07/02/19		2,023		2,011
Zayo Group LLC, Term Loan B-2
4.500%, 05/06/21		484		485
Total Telecommunications				29,119
Textile & Apparel Mfg. [0.1%]
Vivarte, BOND
4.000%, 10/29/19		1,071		1,211
Transportation [0.6%]
Allison Transmission Inc, Term Loan B3 (2013)
3.500%, 08/23/19		1,623		1,621
Chrysler Automotive, 2013 Term Loan B
3.500%, 05/24/17		801		800

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 86

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Chrysler Automotive, 2014 Term Loan B
3.250%, 12/31/18	$	863	$	862
Commercial Barge Line Company, Term Loan B 2022
9.750%, 11/06/20		555		494
CS Intermedia Holdco 2 LLC, Term Loan
4.000%, 04/04/21		280		277
Gruden Acquisition, Inc. (Quality Distribution), Term Loan
5.750%, 07/29/22		259		224
Kar Holdings Inc, Term Loan B-3
4.250%, 03/04/23		3,000		3,006
MPG Holdco (Metaldyne), Term Loan B - new
3.750%, 10/20/21		352		347
Navios Maritime Midstream Partners LP, Term Loan
5.500%, 06/15/20(G) (I)		144		127
Navios Maritime Partners LP, Term Loan B
5.250%, 06/27/18(G) (I)		582		506
Schaeffler Finance BV, Term Loan E
3.750%, 05/15/20		396		397
Tower Auto Holdings, Term Loan B - 2020
4.000%, 04/23/20		561		556
Visteon Corporation, Term Loan B
3.500%, 04/09/21		809		807
Wabash National Corporation, Term Loan B
4.250%, 03/16/22		491		489
Total Transportation				10,513
Utility [0.8%]
Bronco Midstream Funding, LLC, Term Loan B
5.000%, 08/15/20(G) (I)		996		598
Calpine, Construction TL B1 (2020)
3.000%, 05/03/20		146		143
Calpine, Construction TL B2 (2022)
3.250%, 01/31/22		366		358
Calpine, Term Loan B3
4.000%, 09/27/19		1,541		1,533
Calpine, Term Loan B4
4.000%, 10/31/20		824		816
Calpine, Term Loan B5
3.500%, 05/20/22		504		497
Dynegy, Inc., Term Loan B-2
4.000%, 04/23/20		898		880
Empire Generating Co, LLC, Term Loan B
5.250%, 03/12/21		1,498		1,244
Empire Generating Co, LLC, Term Loan C
5.250%, 03/12/21		110		91
Green Energy Partners / Stonewall LLC, Term Loan B-1
6.500%, 11/12/21		205		191
La Frontera Generation LLC, Term Loan B
4.500%, 09/30/20		1,439		1,394
Longview Power
6.000%, 04/13/20		1,496		1,320
Longview Power, Term Loan B
7.000%, 04/13/21		101		89
NRG Energy Inc, Term Loan
2.750%, 07/01/18(D)		2,856		2,824
Panda Temple Power II, LLC, Term Loan
7.250%, 04/03/19		150		125
Power Buyer, LLC, Second Lien
8.250%, 11/06/20		180		167
Power Buyer, LLC, Term Loan
4.250%, 05/06/20		544		533
TPF Generation Holdings, Term Loan B - 2013
4.750%, 12/31/17		906		849
Viva Alamo LLC, Term Loan B
5.250%, 02/22/21(G) (I)		273		173
Total Utility				13,825
Wireless Communications [0.3%]
nTelos, Term Loan B
5.750%, 11/09/19		2,654		2,634
Syniverse Technologies, Inc., Old Term Loan B - Initial Term Loans
4.000%, 04/23/19		65		48
Syniverse Technologies, Inc., Tranche B Term Loan
4.000%, 04/23/19		297		219

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 87

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)/ Acquisition Cost (000)		Value (000)
T-Mobile USA Inc, Term Loan B
3.500%, 11/03/22(D)	$	1,516	$	1,521
Total Wireless Communications				4,422
Total Loan Participations
(Cost $545,453)				517,867
Life Settlement Contracts [8.2%](G) (I) (J)
American General Life #460L,
Acquired 05/30/2014*		303		276
American General Life #508L,
Acquired 05/30/2014*		2,595		2,354
American General Life #542L,
Acquired 07/30/2015*		83		160
American General Life #634L,
Acquired 05/30/2014*		530		657
American General Life #906L,
Acquired 07/30/2015*		479		1,962
American General Life #964L,
Acquired 07/30/2015*		1,459		1,362
AXA Equitable Life #0474,
Acquired 11/04/2013*		7,290		13,584
AXA Equitable Life #0932,
Acquired 11/04/2013*		1,014		2,575
AXA Equitable Life #1600,
Acquired 05/30/2014*		1,436		2,025
AXA Equitable Life #1616,
Acquired 05/30/2014*		3,254		3,538
AXA Equitable Life #1898,
Acquired 11/04/2013*		441		310
AXA Equitable Life #4496,
Acquired 11/04/2013*		115		848
AXA Equitable Life #7233,
Acquired 11/04/2013*		395		1,536
AXA Equitable Life #7578,
Acquired 11/04/2013*		2,104		3,676
AXA Equitable Life #7857,
Acquired 11/04/2013*		2,297		4,775
AXA Equitable Life #8538,
Acquired 11/04/2013*		1,333		1,025
AXA Equitable Life #9345,
Acquired 11/04/2013*		143		114
Guardian Insurance #0346,
Acquired 11/04/2013*		646		2,646
Hartford Life #4700,
Acquired 11/24/2015*		81		337
Hartford Life #7522,
Acquired 11/24/2015*		805		449
Description	Acquisition Cost (000)		Value (000)
ING #3394,
Acquired 05/30/2014*	$	3,687	$	3,463
ING Reliastar #1234,
Acquired 12/05/2013*		1,067		2,959
ING Reliastar #1649,
Acquired 12/05/2013*		61		971
ING Reliastar #4842,
Acquired 11/20/2013*		921		3,504
ING Reliastar #776H,
Acquired 05/30/2014*		1,518		1,937
John Hancock #0430,
Acquired 05/30/2014*		2,418		3,667
John Hancock #0801,
Acquired 05/30/2014*		1,564		1,584
John Hancock #1929,
Acquired 05/30/2014*		3,812		3,526
John Hancock #2223,
Acquired 11/19/2013*		1,279		2,137
John Hancock #5072,
Acquired 05/30/2014*		1,409		2,129
John Hancock #5080,
Acquired 11/19/2013*		313		1,761
John Hancock #5885,
Acquired 05/30/2014*		894		746
John Hancock #6686,
Acquired 05/30/2014*		3,035		2,284
John Hancock #6912,
Acquired 05/30/2014*		1,065		1,213
Lincoln Benefit Life #9330,
Acquired 05/30/2014*		5,482		3,471
Lincoln National #0019,
Acquired 09/18/2015*		2,460		5,779
Lincoln National #4654,
Acquired 05/30/2014*		721		791
Lincoln National #4754,
Acquired 09/18/2015*		1,029		4,004
Lincoln National #4754,
Acquired 09/18/2015*		610		2,569
Lincoln National #5255,
Acquired 09/18/2015*		287		436
Lincoln National #5658,
Acquired 09/18/2015*		329		1,128
Lincoln National #7099,
Acquired 09/18/2015*		1,254		3,075
Lincoln National #8558,
Acquired 09/18/2015*		1,659		3,838
Mass Mutual #1849,
Acquired 11/05/2013*		2,926		3,702
Mass Mutual #5167,
Acquired 05/30/2014*		63		710

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 88

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Acquisition Cost (000)/ Face Amount (000)		Value (000)
Mass Mutual #5681,
Acquired 11/05/2013*	$	288	$	1,406
Mass Mutual #5864,
Acquired 05/30/2014*		4,668		4,831
Mass Mutual #6620,
Acquired 11/05/2013*		222		1,790
Met Life #8MLU,
Acquired 05/30/2014*		1,413		4,776
Pacific Life #7850,
Acquired 05/30/2014*		550		573
Penn Mutual #3106,
Acquired 05/30/2014*		1,294		1,240
Phoenix Life #5555,
Acquired 05/30/2014*		3,946		6,078
Phoenix Life #6161,
Acquired 05/30/2014*		3,472		4,798
Phoenix Life #8499,
Acquired 05/30/2014*		756		217
Phoenix Life #8509,
Acquired 05/30/2014*		761		217
Principal Financial #6653,
Acquired 10/30/2013*		306		1,022
Prudential #5978,
Acquired 10/02/2015*		373		1,279
Security Mutual Life #5380,
Acquired 10/30/2013*		410		1,244
Transamerica #1708,
Acquired 10/28/2013*		957		3,985
Transamerica #3426,
Acquired 11/12/2013*		275		574
Transamerica #8205,
Acquired 10/28/2013*		714		1,609
Union Central Life #4500,
Acquired 10/30/2013*		790		4,362
Total Life Settlement Contracts
(Cost $87,861)				145,594
Sovereign Debt [1.9%]
Argentina Paris Club
0.000%, 05/30/21(G) (I)		8,750		7,728
Argentine Republic Government International Bond
10.250%, 02/06/03(B) (G) (I)		12		13
10.000%, 12/07/04(B)		1,244		1,557
10.000%, 01/07/05(B)		132		134
10.000%, 02/22/07(B)		25		25
9.500%, 03/04/04(B)		27		34
9.250%, 07/20/04(B)		10		10
9.000%, 05/24/05(B)		167		169
9.000%, 11/19/08(B)		15		19
Description	Face Amount (000)/Shares		Value (000)
8.750%, 02/04/03(B)	$	30	$	30
8.500%, 02/23/05(B)		630		710
8.500%, 07/30/10(B)		34		34
8.125%, 10/04/04(B)		119		121
8.125%, 04/21/08(B)		85		86
8.000%, 02/25/02(B) (G) (I)		2,033		1,990
8.000%, 02/26/08(B)		114		142
8.000%, 10/30/09(B)		366		458
7.500%, 05/23/02(B) (G) (I)		52		53
7.125%, 06/10/02(B)		97		98
7.000%, 03/18/04(B)		13		16
0.000%, 07/22/03(B)		66		67
0.000%, 12/22/04(B)		29		29
Bosnia & Herzegovina Government International Bond
0.813%, 12/11/17(D)		1,428		1,556
Egyptian Paris Club
2.779%, 01/01/21(G) (I)		62		59
Islamic Republic of Pakistan
7.250%, 04/15/19		2,500		2,621
Mozambique EMATUM Finance 2020 BV
6.305%, 09/11/20		2,253		1,898
Provincia de Buenos Aires
9.250%, 04/15/17		186		188
4.000%, 05/01/20(E)		4,250		4,156
Republic of Argentina
7.625%, 12/31/49		13		13
5.870%, 03/31/23		28		38
Republic of Cameroon International Bond
9.500%, 11/19/25		4,000		3,760
Tanzania Government International Bond
6.892%, 03/09/20(D)		2,391		2,403
Ukraine Government International Bond
7.750%, 09/01/19		2,866		2,697
7.750%, 09/01/20		584		548
0.000%, 05/31/40(D)		925		302
Total Sovereign Debt
(Cost $35,324)				33,762
Closed-End Fund [0.9%]
Stone Ridge Reinsurance Risk Premium Interval Fund(G) (I)		1,600,913		16,425
Total Closed-End Fund
(Cost $16,256)				16,425

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 89

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

Description	Face Amount (000)		Value (000)
Convertible Bonds [0.3%]
Coal Mining [0.0%]
Enercoal Resources Pte
9.250%, 04/07/18(G) (I)	$	200	$	20
New World Resources
4.000%, 10/07/20		352		—
Total Coal Mining				20
Food, Beverage & Tobacco [0.0%]
CEDC Finance International
10.000%, 04/30/18		1,679		722
Medical Products & Services [0.0%]
Bio City Development B.V
8.000%, 07/06/18(G) (I)		1,000		300
Metal-Iron [0.0%]
London Mining Jersey
12.000%, 04/30/19(B) (G) (I)		1,500		77
Miscellaneous Business Services [0.2%]
DP World
1.750%, 06/19/24		3,000		3,026
Miscellaneous Manufacturing [0.1%]
Dana Gas Sukuk
9.000%, 10/31/17		1,250		1,069
7.000%, 10/31/17		921		783
Total Miscellaneous Manufacturing				1,852
Petroleum & Fuel Products [0.0%]
Gulf Keystone Petroleum
6.250%, 10/18/17		2,000		285
Total Convertible Bonds
(Cost $9,815)				6,282
Asset-Backed Securities [0.3%]
BT SPE (Acquired 07/06/11, Acquisition Cost $10,781,378)
9.250%, 06/06/16(G) (I)		5,604		4,983
Start CLO, Ser 2011-7A, Cl A
2.636%, 06/09/16(A) (D) (G) (I)		122		120
Total Asset-Backed Securities
(Cost $5,726)				5,103
Description	Number of Warrants/Shares		Value (000)
Warrants [0.2%]
Central Bank of Nigeria,
Expires 11/15/20* (D) (G) (I)		27,250	$	2,725
Gulf Keystone Petro,
Expires 04/18/17* (G) (I)		661,000		7
Total Warrants
(Cost $4,783)				2,732
Common Stock [0.0%]
Energy [0.0%]
Aventine Renewable Energy Holdings *		3,836		15
Lone Pine Resource * (G) (I)		9,355		—
Lone Pine Resource A * (G) (I)		9,355		13
Total Energy				28
Metals & Mining [0.0%]
New World Resources, Cl A *		44,276,198		270
Services [0.0%]
A’Ayan Leasing * (G) (I)		1,169,438		107
Astana Finance *		208,618		—
Total Services				107
Total Common Stock
(Cost $1,782)				405
Short-Term Investments [9.0%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%**‡		12,768,742		12,769
SEI Daily Income Trust Government Fund, Cl A, 0.120%**		147,716,881		147,717
Total Short-Term Investments
(Cost $160,486)				160,486
Total Investments [99.0%]
(Cost $1,819,546)			$	1,767,109

Percentages are based on Net Assets of $1,785,784 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 90

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (continued)

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $189,251 (000), representing 10.6% of the net assets of the Fund.

(B) In default on interest payments. Rate shown represents the last coupon rate prior to default.

(C) Payment in Kind.

(D) Floating Rate Security — The rate reported is the rate in effect on March 31, 2016.

(E) Step Bond — The rate reported is the rate in effect on March 31, 2016. The coupon on a step bond changes on a specific date.

(F) Unsettled bank loan.

(G) Security is considered illiquid. The total market value of such security as of March 31, 2016 was $197,797 (000) and represented 11.1% of net assets of the Fund.

(H) Unsettled bank loan.

(I) Security is considered restricted. The total market value of such security as of March 31, 2016 was $197,797 (000) and represented 11.1% of Net Assets of the Fund.

(J) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2016 was $145,594 (000) and represented 8.2% of net assets of the Fund.

CHF — Swiss Franc

Cl — Class

EUR — Euro

GBP — British Pound Sterling

LLC — Limited Liability Corporation

LLP — Limited Liability Partnerships

LP — Limited Partnership

MLP — Master Limited Partnership

MTN — Medium Term Note

NOK — Norwegian Krone

NY — New York

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Ser — Series

SPE — Special Purpose Entity

USD — United School District

Amounts designated as “—” are either $0 or have been rounded to $0.

A list of the open forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Settlement Date	Currency to Deliver (000)		Currency to Receive (000)		Unrealized Appreciation (Depreciation) (000)
4/15/16-5/31/16	GBP	27,715	USD	39,890	$	77
4/15/16-6/30/16	EUR	136,507	USD	153,620		(2,045	)
6/3/16-7/8/16	CHF	10,242	USD	10,313		(373	)
					$	(2,341	)

A list of the counterparties for the outstanding forward foreign currency contracts held by the Fund at March 31, 2016, is as follows:

Counterparty	Currency to Deliver (000)			Currency to Receive (000)		Unrealized Depreciation (000)
U.S. Bank	$	(206,164	)	$	203,823	$	(2,341	)

For the period ended March 31, 2016, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Corporate Bonds	$	—	$	878,453	$	—	$	878,453
Loan Participations		—		515,477		2,390		517,867
Life Settlement Contracts		—		—		145,594		145,594
Sovereign Debt		—		33,703		59		33,762
Closed-End Fund		16,425		—		—		16,425
Convertible Bonds		—		6,282		—		6,282
Asset-Backed Securities		—		120		4,983		5,103
Warrants		2,725		7		—		2,732
Common Stock		107		285		13		405
Short-Term Investments		160,486		—		—		160,486
Total Investments in Securities	$	179,743	$	1,434,327	$	153,039	$	1,767,109

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts*
Unrealized Appreciation	$	—	$	77		$	—	$	77
Unrealized Depreciation		—		(2,418	)		—		(2,418	)
Total Other Financial Instruments	$	—	$	(2,341	)	$	—	$	(2,341	)

* Forwards contracts are valued at the unrealized appreciation (depreciation) on the instrument.

(1) Of the $153,039 (000) in Level 3 securities as of March 31, 2016, $145,594 (000) or 95.1% are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs is required for those Level 3 securities that are not valued by third party vendors or broker quotes.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 91

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Fixed Income Opportunities Fund (concluded)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2016:

	Investments in Loan Participations			Investments in Life Settlement Contracts			Investments in Sovereign Debt
Beginning balance as of October 1, 2015	$	2,528		$	159,314		$	105
Accrued discounts/ premiums		—			—			(3	)
Realized gain		30			7,226			7
Change in unrealized appreciation/(depreciation)		19			(5,704	)		—
Purchases		—			1,258			—
Sales/paydaowns		(187	)		(16,500	)		(50	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Ending balance as of March 31 2016	$	2,390		$	145,594		$	59
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	19		$	(5,704	)	$	—

	Investments in Asset-Backed Securities			Investments in Common Stock		Total
Beginning balance as of October 1, 2015	$	5,469		$	11	$	167,427
Accrued discounts/ premiums		—			—		(3	)
Realized gain		—			—		7,263
Change in unrealized appreciation/(depreciation)		21			2		(5,662	)
Purchases		—			—		1,258
Sales/paydaowns		(507	)		—		(17,244	)
Transfers into Level 3		—			—		—
Transfers out of Level 3		—			—		—
Ending balance as of March 31 2016	$	4,983		$	13	$	153,039
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	21		$	2	$	(5,662	)

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2016 (000)	Valuation Techniques
BT SPE	$4,983	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	9.25%
		Valuation Techniques
Life Settlement Contracts	145,594	Discounted Cash Flow Model
		Observable Inputs
		N/A
		Unobservable Inputs	Range
		Discount Rate	14%
		Expected Maturity (months)	2-112

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2016, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2016, there were no transfers between Level 2 and Level 3 assets and liabilities. Transfers between Levels are recognized at period end.

As of March 31, 2016 the CNR Rochdale Fixed Income Opportunities Fund had the following investments in life settlement contracts:

Year	Number of Contracts		Fair Value (000)		Face Value (Death Benefits) (000)
2016		7	$	30,597	$	33,800
2017		3		6,892		10,236
2018		4		22,191		35,000
2019		7		17,453		37,750
2020		14		29,884		85,149
Thereafter		27		38,577		181,000
		62	$	145,594	$	382,935

For the period ended March 31, 2016, the net change to fair value on life settlement contracts, net of premiums paid and continuing costs disclosed in the Fund’s Statement of Operations consisted of a net negative change to fair value on life settlement contracts of ($1,810,609), offset by $25,287,629 in premiums paid and continuing costs associated with its investment in the Policies.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 92

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Multi-Asset Fund

Description	Shares		Value (000)
Exchange-Traded Funds [44.3%]
Consumer Staples Select Sector SPDR Fund		5,495		$	292
Financial Select Sector SPDR		21,905			493
Health Care Select Sector SPDR Fund		5,110			346
iShares 7-10 Year Treasury Bond ETF		30,780			3,396
iShares Russell 3000 Index Fund		2,955			357
iShares S&P MidCap 400 Index Fund		6,630			956
SPDR S&P 500		2,923			601
SPDR S&P Dividend		12,357			988
Technology Select Sector SPDR		16,345			725
Utilities Select Sector SPDR Fund		6,235			309
Total Exchange-Traded Funds
(Cost $7,860)					8,463
Unaffiliated Registered Investment Companies [30.9%]
Ashmore Emerging Markets Corporate Debt Fund, Institutional Class		181,772			1,365
DoubleLine Total Return Bond Fund, I Class		136,634			1,485
Oppenheimer Senior Floating Rate Fund, I Class		86,946			658
Vanguard Short-Term Bond Index Fund, Admiral Class		155,995			1,647
Voya Global Real Estate Fund, I Class		37,038			755
Total Unaffiliated Registered Investment Companies
(Cost $5,935)					5,910
Affiliated Registered Investment Companies [11.5%]
City National Rochdale Corporate Bond Fund, Servicing Class		121,441			1,262
City National Rochdale High Yield Bond Fund, Institutional Class		130,547			938
Total Affiliated Registered Investment Companies
(Cost $2,293)					2,200
Short-Term Investments [13.5%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%*‡		1,284,781			1,285
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.290%*		1,284,780			1,285
Total Short-Term Investments
(Cost $2,570)					2,570
Total Investments [100.2%]
(Cost $18,658)				$	19,143

Percentages are based on Net Assets of $19,104 (000).

* The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

Cl — Class

ETF — Exchange-Traded Fund

S&P — Standard & Poor’s

SPDR — Standard & Poor’s Depositary Receipts

As of March 31, 2016, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 93

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Dividend & Income Fund

Description	Shares		Value (000)
Common Stock [93.9%]
Consumer Discretionary [4.2%]
Cedar Fair		14,000	$	832
Hasbro		30,400		2,435
McDonald’s		33,800		4,248
Six Flags Entertainment		22,500		1,249
Total Consumer Discretionary				8,764
Consumer Staples [26.7%](A)
Altria Group		64,250		4,026
B&G Foods		112,700		3,923
Campbell Soup		15,000		957
Clorox		32,100		4,047
Coca-Cola		24,172		1,121
ConAgra Foods		27,800		1,241
Dr Pepper Snapple Group		52,900		4,730
General Mills		71,780		4,547
Hershey		24,400		2,247
Imperial Brands ADR		23,152		2,571
Kellogg		40,500		3,100
Kimberly-Clark		18,200		2,448
PepsiCo		8,000		820
Philip Morris International		52,600		5,161
Procter & Gamble		39,149		3,222
Reynolds American		36,272		1,825
Sysco		38,800		1,813
Unilever ADR		22,200		1,003
Universal		38,592		2,192
Vector Group		146,242		3,340
Wal-Mart Stores		29,200		2,000
Total Consumer Staples				56,334
Energy [7.2%]
Buckeye Partners		12,400		842
California Resources		2,387		3
Chevron		30,683		2,927
ConocoPhillips		27,500		1,107
Enbridge Energy Partners		15,000		275
Energy Transfer Partners		3,700		120
Enterprise Products Partners		72,584		1,787
Exxon Mobil		25,838		2,160
Kinder Morgan		33,500		598
NuStar Energy		11,250		455
Occidental Petroleum		25,500		1,745
ONEOK		18,500		552
Plains All American Pipeline		60,725		1,273
Sunoco		10,500		348
TransCanada		25,928		1,019
Total Energy				15,211
Financials [5.3%]
Arthur J Gallagher		13,200		587
BB&T		44,000		1,464
Cincinnati Financial		51,700		3,379
Compass Diversified Holdings		71,000		1,111
JPMorgan Chase		32,000		1,895
Mercury General		15,000		833
NBT Bancorp		25,935		699
People’s United Financial		30,000		478
RMR Group *		1,475		37
Synchrony Financial *		6,572		188
US Bancorp		10,000		406
Total Financials				11,077
Health Care [7.2%]
Bristol-Myers Squibb		52,000		3,322
Eli Lilly		48,400		3,485
GlaxoSmithKline ADR		39,300		1,594
Johnson & Johnson		38,200		4,133
Merck		28,150		1,490
Pfizer		41,944		1,243
Total Health Care				15,267

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 94

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Industrials [4.4%]
3M		1,000	$	166
Eaton		39,700		2,484
General Dynamics		14,500		1,905
General Electric		13,743		437
Lockheed Martin		19,200		4,253
Total Industrials				9,245
Information Technology [0.8%]
Paychex		20,000		1,080
Seagate Technology		15,000		517
Total Information Technology				1,597
Materials [2.2%]
Dow Chemical		15,009		763
EI du Pont de Nemours		32,700		2,071
Olin		38,236		664
Sonoco Products		24,000		1,166
Total Materials				4,664
REITs [13.9%]
Apartment Investment & Management, Cl A		17,229		720
Camden Property Trust		8,914		750
Care Capital Properties		9,658		259
Communications Sales & Leasing		27,225		606
EPR Properties		33,200		2,212
Government Properties Income Trust		35,000		625
Gramercy Property Trust		51,000		431
HCP		33,546		1,093
Healthcare Realty Trust		17,000		525
Healthcare Trust of America, Cl A		20,000		588
Lamar Advertising, Cl A		70,000		4,305
Liberty Property Trust		17,385		582
Mid-America Apartment Communities		12,000		1,227
National Health Investors		20,000		1,330
National Retail Properties, Cl REIT		48,500		2,241
National Storage Affiliates Trust		50,000		1,060
Public Storage		10,000		250
QTS Realty Trust, Cl A		8,000		379
Select Income REIT		62,000		1,429
Simon Property Group		10,000		2,077
Sovran Self Storage		10,036		1,184
Tanger Factory Outlet Centers		27,984		1,018
Ventas		38,632		2,432
Welltower		11,612		805
Weyerhaeuser		38,400		1,190
Total REITs				29,318
Shipping & Transportation [0.3%]
Fly Leasing ADR		52,877		672
Telecommunication Services [4.9%]
AT&T		84,500		3,310
Consolidated Communications Holdings		125,400		3,230
Verizon Communications		68,067		3,681
Total Telecommunication Services				10,221
Utilities [16.8%]
AGL Resources		19,000		1,237
American Electric Power		33,500		2,224
AmeriGas Partners		28,200		1,226
Atmos Energy		15,000		1,114
Avangrid		14,000		562
Avista		30,000		1,223
Brookfield Infrastructure Partners		36,000		1,517
Dominion Resources		24,000		1,803
DTE Energy		15,000		1,360
Duke Energy		59,006		4,761
Entergy		13,700		1,086
Eversource Energy		37,492		2,187
Ferrellgas Partners		7,300		127
FirstEnergy		38,000		1,367
NiSource		20,000		471
Northwest Natural Gas		8,396		452
OGE Energy		33,600		962
Pinnacle West Capital		28,885		2,168
Portland General Electric		12,000		474
PPL		20,000		761
SCANA		38,000		2,666
Sempra Energy		9,000		936
Suburban Propane Partners		11,200		335
United Utilities Group ADR		17,318		459
WEC Energy Group		36,500		2,193
Xcel Energy		40,000		1,673
Total Utilities				35,344
Total Common Stock
(Cost $147,016)				197,714

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 95

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Dividend & Income Fund (continued)

Description	Shares		Value (000)
Preferred Stock [1.8%]
Financials [0.7%]
AmTrust Financial Services		10,000	$	251
Bank of America		10,000		265
Capital One Financial		10,000		271
JPMorgan Chase		10,000		262
Public Storage		10,000		256
Wells Fargo		10,000		265
Total Financials				1,570
REITs [0.6%]
Equity Commonwealth		10,000		254
First Potomac Realty Trust		6,552		167
National Retail Properties		10,000		261
Public Storage		10,000		258
Wells Fargo Real Estate Investment		10,000		269
Total REITs				1,209
Telecommunication Services [0.4%]
Qwest		20,000		512
Verizon Communications		10,000		271
Total Telecommunication Services				783
Utilities [0.1%]
Southern		10,000		273
Total Preferred Stock
(Cost $3,642)				3,835
Exchange-Traded Fund [2.4%]
iShares US Preferred Stock ETF		27,300		1,065
PowerShares Preferred Portfolio		269,500		4,021
Total Exchange-Traded Fund
(Cost $5,027)				5,086
Description	Face Amount (000)/Shares		Value (000)
Asset-Backed Security [0.1%]
BT SPE (Acquired 07/06/11, Acquisition Cost $551,294)
9.250%, 06/06/16 (B) (C)	$	287	$	255
Total Asset-Backed Security
(Cost $287)				255
Short-Term Investments [1.3%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%**‡		1,332,433		1,333
SEI Daily Income Trust Government Fund, Cl A, 0.120%**		1,332,433		1,332
Total Short-Term Investments
(Cost $2,665)				2,665
Total Investments [99.5%]
(Cost $158,637)			$	209,555

Percentages are based on Net Assets of $210,609 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

(A) The Fund uses more specific categories in following its investment limitations on investment concentrations. Broad industry sectors are used for financial reporting purposes.

(B) Security is considered illiquid. The total market value of such security as of March 31, 2016 was $255 (000) and represented 0.1% of net assets of the Fund.

(C) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of March 31, 2016 was $255 (000) and represented 0.1% of net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPE — Special Purpose Entity

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 96

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Dividend & Income Fund (concluded)

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	197,714	$	—	$	—	$	197,714
Preferred Stock		3,835		—		—		3,835
Exchange-Traded Fund		5,086		—		—		5,086
Asset-Backed Security		—		—		255		255
Short-Term Investments		2,665		—		—		2,665
Total Investments in Securities	$	209,300	$	—	$	255	$	209,555

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value (000) as of March 31, 2016:

	Investments in Asset-Backed Security (000)
Beginning balance as of October 1, 2015	$	280
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/ (depreciation)		1
Purchases		—
Sales/paydowns		(26	)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of March 31, 2016	$	255
Changes in unrealized gains included in earnings related to securities still held at reporting date	$	1

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2016 (000)	Valuation Techniques
BT SPE	$255	Discounted Cash Flow Model based on actual collection level and experienced defaults
		Observable Inputs
		Cumulated Collections
		Cumulated Defaults
		Annualized Default Rate
		Cumulated Default Rate
		Pace of Collection
		Pace of Defaults
		Interest Rates
		Unobservable Inputs	Range
		Projected Default Rates	5%-12%
		Projected Collection Rates	90%-100%
		Expected Discount Rates	7%-9.25%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2016, the transfers into Level 1 were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 97

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale U.S. Core Equity Fund

Description	Shares		Value (000)
Common Stock [99.2%]
Aerospace & Defense [7.3%]
Boeing		30,000	$	3,808
Hexcel		71,000		3,104
Honeywell International		55,000		6,163
Textron		70,000		2,552
Total Aerospace & Defense				15,627
Auto Components [1.7%]
Magna International		84,000		3,609
Beverages [2.3%]
PepsiCo		49,000		5,021
Biotechnology [4.4%]
Celgene *		37,100		3,714
Gilead Sciences		63,000		5,787
Total Biotechnology				9,501
Capital Markets [3.1%]
BlackRock, Cl A		9,600		3,270
Charles Schwab		118,000		3,306
Total Capital Markets				6,576
Chemicals [1.0%]
Ecolab		19,000		2,119
Commercial Banks [3.3%]
BankUnited		97,000		3,341
Wells Fargo		79,000		3,820
Total Commercial Banks				7,161
Computer Software [2.4%]
Microsoft		94,000		5,192
Computers & Peripherals [3.5%]
Apple		68,500		7,466
Consumer Finance [1.4%]
Synchrony Financial *		104,000		2,981
Diversified Financial Services [2.2%]
JPMorgan Chase		79,000		4,678
Energy Equipment & Services [1.5%]
Schlumberger		43,000		3,171
Food & Staples Retailing [6.9%]
Costco Wholesale		24,000		3,782
CVS Health		69,000		7,157
Wal-Mart Stores		56,000		3,836
Total Food & Staples Retailing				14,775
Health Care Equipment & Supplies [2.2%]
Edwards Lifesciences *		53,800		4,746
Health Care Providers & Services [3.8%]
HCA Holdings *		40,000		3,122
UnitedHealth Group		40,000		5,156
Total Health Care Providers & Services				8,278
Hotels, Restaurants & Leisure [1.4%]
Starbucks		52,000		3,104
Household Durables [1.7%]
PulteGroup		196,000		3,667
Household Products [2.1%]
Colgate-Palmolive		64,000		4,522
Industrial Conglomerates [1.8%]
Danaher		40,000		3,794
Insurance [3.8%]
American International Group		81,500		4,405
Prudential Financial		52,000		3,755
Total Insurance				8,160

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 98

schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale U.S. Core Equity Fund (concluded)

Description	Shares		Value (000)
Internet Software & Services [6.0%]
Alphabet, Cl A *		10,600	$	8,049
Facebook, Cl A *		42,500		4,849
Total Internet Software & Services				12,898
IT Services [6.0%]
MasterCard, Cl A		65,000		6,143
Visa, Cl A		90,000		6,883
Total IT Services				13,026
Life Sciences Tools & Services [2.0%]
Thermo Fisher Scientific		31,000		4,389
Machinery [1.2%]
Wabtec		32,500		2,577
Media [4.8%]
Comcast, Cl A		79,000		4,825
Time Warner		27,500		1,995
Walt Disney		35,500		3,526
Total Media				10,346
Multi-Utilities [2.9%]
PG&E		106,000		6,331
Oil, Gas & Consumable Fuels [3.4%]
Chevron		28,000		2,671
Exxon Mobil		56,500		4,723
Total Oil, Gas & Consumable Fuels				7,394
Pharmaceuticals [3.5%]
Eli Lilly		47,500		3,420
Johnson & Johnson		38,000		4,112
Total Pharmaceuticals				7,532
Real Estate Investment Trusts [1.8%]
Essex Property Trust		17,000		3,976
Semiconductors & Semiconductor Equipment [2.0%]
NXP Semiconductors *		53,500		4,337
Software [1.5%]
Adobe Systems *		34,000		3,189
Specialty Retail [4.6%]
Home Depot		45,000		6,004
Lowe’s		52,500		3,977
Total Specialty Retail				9,981
Water Utilities [1.7%]
American Water Works		54,000		3,722
Total Common Stock
(Cost $181,202)				213,846
Short-Term Investments [0.9%]
City National Rochdale Prime Money Market Fund, Institutional Class, 0.010%**‡		36,219		36
SEI Daily Income Trust, Prime Obligation Fund, Cl A, 0.290%**		1,893,174		1,893
Total Short-Term Investments
(Cost $1,929)				1,929
Total Investments [100.1%]
(Cost $183,131)			$	215,775

Percentages are based on Net Assets of $215,652 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

Cl — Class

As of March 31, 2016, all of the Fund’s investments are Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended March 31, 2016, there have been no transfers between any of the fair value hierarchy levels. Transfers between Levels are recognized at period end.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 99

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Emerging Markets Fund

Description	Shares		Value (000)
Common Stock [87.5%]
China [30.1%]
AAC Technologies Holdings		2,456,200	$	18,776
Alibaba Group Holding ADR *		125,519		9,920
ANTA Sports Products		5,250,000		11,560
Baidu ADR *		60,500		11,548
China Medical System Holdings (A)		7,742,000		10,739
China Pioneer Pharma Holdings		12,838,000		3,360
China Railway Group, Cl H		15,361,000		11,663
China State Construction International Holdings		5,793,091		8,633
CIMC Enric Holdings		10,362,000		5,503
Ctrip.com International ADR *		102,000		4,515
Fufeng Group		14,918,000		4,750
Great Wall Motor, Cl H		15,116,500		12,277
Man Wah Holdings		11,279,200		14,278
New Oriental Education & Technology Group ADR		366,500		12,677
Ping An Insurance Group of China, Cl H		2,845,000		13,606
Sunac China Holdings		11,898,000		8,006
Sunny Optical Technology Group		9,549,132		26,835
Tencent Holdings		1,768,100		36,103
XTEP International Holdings		8,791,500		4,737
Zhejiang Expressway, Cl H		10,224,000		10,966
ZTE, Cl H		5,986,224		10,927
Total China				251,379
Hong Kong [9.6%]
Bloomage BioTechnology		5,585,000		12,225
China Overseas Land & Investment		2,500,000		7,912
Galaxy Entertainment Group		2,710,000		10,166
Minth Group		4,474,000		10,416
MTR		2,270,066		11,237
NagaCorp		24,908,063		15,958
Skyworth Digital Holdings		19,623,858		12,143
Total Hong Kong				80,057
India [20.6%]
Amtek Auto * (C)		1,826,433		836
Bharat Petroleum (C)		590,920		8,070
CESC (C)		1,182,688		8,442
Coal India (C)		1,577,879		6,956
Container of India		524,422		9,846
Crompton Greaves *(C)		1,622,928		1,197
Crompton Greaves Consumer Electricals *(A)		2,822,928		4,263
Dr. Reddy’s Laboratories ADR		167,200		7,556
Emami (C)		523,865		7,375
HDFC Bank (C)		353,793		6,731
HDFC Bank ADR		239,000		14,730
Housing Development Finance(C)		642,415		10,725
ICICI Bank		1,100,000		3,931
ICICI Bank ADR		846,027		6,058
Infosys ADR		453,000		8,616
ITC (C)		1,675,823		8,307
Kotak Mahindra Bank (C)		1,026,940		10,555
Mindtree (C)		845,936		8,345
Sun Pharmaceutical Industries (C)		680,355		8,424
Taro Pharmaceutical Industries *(C)		69,669		9,980
Tata Motors, Cl A (C)		1,326,174		5,774
Tata Motors ADR *		260,954		7,581
Tech Mahindra (C)		1,157,336		8,300
Total India				172,598
Indonesia [6.8%]
Bank Mandiri Persero		11,554,300		8,975
Ciputra Development		65,004,169		6,398
Indo Tambangraya Megah		756,900		378
Jasa Marga Persero		16,610,300		6,764
Kalbe Farma		35,619,300		3,882
Lippo Karawaci		87,737,461		6,914
Mitra Adiperkasa *		20,305,600		7,350
MNC Kapital Indonesia (D)		89,800,000		8,330
Surya Citra Media		33,593,500		7,955
Total Indonesia				56,946

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 100

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Emerging Markets Fund (continued)

Description	Shares		Value (000)
Malaysia [3.6%]
Inari Amertron		13,697,388	$	11,305
My EG Services		19,814,600		10,868
Nirvana Asia (B)		28,415,000		7,949
Total Malaysia				30,122
Philippines [8.4%]
GT Capital Holdings		472,760		14,272
Jollibee Foods		1,670,410		8,235
Megaworld		124,813,526		11,249
Metropolitan Bank & Trust		4,413,094		7,902
Philippine Long Distance Telephone		161,345		6,938
Security Bank		2,503,930		9,517
SM Prime Holdings		25,310,875		12,066
Total Philippines				70,179
Thailand [6.7%]
KCE Electronics - Foreign		5,070,400		11,386
Krung Thai Bank - Foreign		18,127,850		9,636
Land & Houses NVDR		32,171,284		8,185
LPN Development NVDR		8,254,701		3,285
LPN Development		3,220,000		1,281
LPN Development - Foreign		3,787,700		1,507
Minor International - Foreign		10,050,305		10,570
Minor International NVDR		1,096,700		1,154
Siam Cement - Foreign		660,100		8,781
Total Thailand				55,785
United States [1.7%]
Cognizant Technology Solutions, Cl A *		224,000		14,045
Total Common Stock
(Cost $667,223)				731,111
Participatory Notes [2.0%]
Boci Financial - UBS# *		2,480,837		7,696
Boci Financial - Credit Suisse# *		452,500		1,407
Hanghou Hikvision Digital Technology - Credit Suisse*,
Expires 05/06/16		276,343		1,320
Hanghou Hikvision Digital Technology - UBS*,
Expires 05/06/16		682,300		3,248
Hikvision Digital Technology - UBS#		346,500		1,650
Description	Number of Warrants/Shares		Value (000)
Hikvision Digital Technology - UBS*,
Expires 06/14/16		291,400	$	1,387
Total Participatory Notes
(Cost $19,425)				16,708
Warrants [0.1%]
Inari Amertron,
Expires 02/17/20*		1,117,403		472
Minor International,
Expires 12/31/29*		400,127		—
Total Warrants
(Cost $—)				472
Short-Term Investments [8.7%]
City National Rochdale Government Money Market Fund, Institutional Class, 0.010%** ‡		36,441,753		36,442
SEI Daily Income Trust Government Fund, Cl A, 0.120%**		36,232,707		36,232
Total Short-Term Investments
(Cost $72,674)				72,674
Total Investments [98.3%]
(Cost $759,322)			$	820,965

Percentages are based on Net Assets of $835,262 (000).

* Non-income producing security.

** The rate reported is the 7-day effective yield as of March 31, 2016.

‡ Investment in Affiliate.

# Expiration Date not available.

(A) Security fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such security as of March 31, 2016 was $15,002 (000) and represented 1.8% of net assets of the Fund.

(B) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration normally to qualified institutions. On March 31, 2016, the value of these securities amounted to $7,949 (000), representing 1.0% of the net assets of the Fund.

(C) Securities held through a Mauritius Subsidiary (See Note 2).

(D) Security is considered illiquid. The total market value of such security as of March 31, 2016 was $ 8,330 (000) and represented 1.0% of net assets of the Fund.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 101

consolidated schedule of investments

March 31, 2016 (Unaudited)

City National Rochdale Emerging Markets Fund (concluded)

ADR — American Depositary Receipt

Cl — Class

NVDR — Non Voting Depository Receipt

Amounts designated as “—” are either $0 or have been rounded to $0.

The following is a list of the inputs used as of March 31, 2016 in valuing the Fund’s investments carried at value (000):

Investments in Securities	Level 1		Level 2		Level 3(1)		Total
Common Stock	$	707,779	$	8,330	$	15,002	$	731,111
Participatory Notes		16,708		—		—		16,708
Warrants		472		—		—		472
Short-Term Investments		72,674		—		—		72,674
Total Investments in Securities	$	797,633	$	8,330	$	15,002	$	820,965

(1) Of the $15,002 (000) in Level 3 securities as of March 31, 2016, all are not valued via third party pricing vendors and broker quotes. If significant, the disclosure of the unobservable inputs and the interrelationships and sensitivity between these inputs are required for those Level 3 securities that are not valued by third party vendors or broker quotes.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

	Investments in Common Stock (000)		Total (000)
Beginning balance as of October 1, 2015	$	—	$	—
Accrued discounts/premiums		—		—
Realized gain/(loss)		—		—
Change in unrealized appreciation/ (depreciation)		—		—
Purchases		—		—
Sales/paydowns		—		—
Transfers into Level 3		15,002		15,002
Transfers out of Level 3		—		—
Ending balance as of March 31, 2016	$	15,002	$	15,002
Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date	$	—	$	—

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments that are not valued via one or more broker quotes as of March 30, 2016. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

	Fair Value at March 31, 2016 (000)	Valuation Techniques
Common Stock	$15,002	Discounted from the Last Traded Price
		Observable Inputs
		N/A
		Unobservable Inputs	Discount Range
		Discount Rate	0-7.3%

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increased and decreased in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

For the period ended March 31, 2016, there have been transfers between Level 1 and Level 2 assets and liabilities. For the period ended March 31, 2016, there have been transfers between Level 2 and Level 3 assets and liabilities. The transfers into Level 3 were due to changes in the availability of observable inputs to determine fair value. Transfers between Levels are recognized at period end.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 102

statements of assets and liabilities (000)

March 31, 2016 (Unaudited)

	City National Rochdale Government Money Market Fund		City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund
ASSETS:
Cost of securities (including repurchase agreements)	$	4,049,607	$	1,068,486		$	836,463
Investments in securities, at value	$	3,588,607	$	929,486		$	836,463
Repurchase agreements, at value		461,000		139,000			—
Cash		—		—			12,009
Dividend and interest receivable		455		248			2,268
Prepaid expenses		136		37			31
Total Assets		4,050,198		1,068,771			850,771
LIABILITIES:
Payable for income distributions		13		6			3
Investment advisory fees payable		1,033		413			111
Administrative fees payable		50		22			17
Accrued expenses		389		118			117
Total Liabilities		1,485		559			248
Net Assets	$	4,048,713	$	1,068,212		$	850,523
Net Assets:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	4,048,712	$	1,068,223		$	850,513
Undistributed (Distributions in excess of) net investment income		1		—			(4	)
Accumulated net realized gain (loss) on investments		—		(11	)		14
Net Assets	$	4,048,713	$	1,068,212		$	850,523
Institutional Class Shares:
Net Assets ($Dollars)	$	—	$	110,374,902		$	—
Total shares outstanding at end of period		—		110,374,730			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—	$	1.00		$	—
Class N Shares:
Net Assets ($Dollars)	$	2,926,859,624	$	274,309,698		$	559,469,098
Total shares outstanding at end of period		2,926,856,258		274,370,970			559,460,671
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	1.00		$	1.00
Class S Shares:
Net Assets ($Dollars)	$	803,931,935	$	263,252,415		$	47,792,830
Total shares outstanding at end of period		803,932,624		263,217,390			47,787,636
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	1.00		$	1.00
Servicing Class Shares:
Net Assets ($Dollars)	$	317,921,382	$	420,274,856		$	243,260,967
Total shares outstanding at end of period		317,922,585		420,353,222			243,262,930
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	1.00	$	1.00		$	1.00

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 103

statements of assets and liabilities (000)

March 31, 2016 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund		City National Rochdale Municipal High Income Fund
ASSETS:
Cost of securities (including affiliated investments)	$	147,907		$	127,854		$	95,677	$	786,960
Investments in securities, at value	$	147,774		$	128,476		$	94,163	$	750,748
Affiliated investments, at value		1,845			297			4,108		57,570
Dividend and interest receivable		545			969			995		11,235
Foreign tax reclaim receivable		—			7			—		—
Receivable for capital shares sold		176			117			58		3,243
Prepaid expenses		6			5			4		25
Total Assets	$	150,346		$	129,871		$	99,328	$	822,821
LIABILITIES:
Payable for income distributions		27			148			96		1,645
Payable for capital shares redeemed		197			26			51		831
Payable for investment securities purchased		—			—			303		—
Investment advisory fees payable		47			34			14		305
Shareholder servicing and distribution fees payable		19			27			21		174
Administrative fees payable		12			12			12		21
Accrued expenses		30			15			37		377
Total Liabilities		332			262			534		3,353
Net Assets	$	150,014		$	129,609		$	98,794	$	819,468
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	148,336		$	130,166		$	96,110	$	796,997
Undistributed net investment income		31			21			7		649
Accumulated net realized gain (loss) on investments		(65	)		(1,497	)		83		464
Net unrealized appreciation on investments		1,712			919			2,594		21,358
Net Assets	$	150,014		$	129,609		$	98,794	$	819,468
Institutional Class Shares:
Net Assets ($Dollars)	$	62,263,878		$	—		$	—	$	—
Total shares outstanding at end of period		5,869,407			—			—		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.61		$	—		$	—	$	—
Class N Shares:
Net Assets ($Dollars)	$	1,451,351		$	3,681,876		$	13,700,120	$	448,224,516
Total shares outstanding at end of period		136,610			353,836			1,270,455		41,224,665
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.62		$	10.41		$	10.78	$	10.87
Servicing Class Shares:
Net Assets ($Dollars)	$	86,299,217		$	125,927,336		$	85,094,317	$	371,243,151
Total shares outstanding at end of period		8,138,000			12,117,511			7,912,978		34,128,678
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	10.60		$	10.39		$	10.75	$	10.88

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 104

statements of assets and liabilities/
consolidated statement of assets and liabilities (000)

March 31, 2016 (Unaudited)

	City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
ASSETS:
Cost of securities (including affiliated investments)	$	86,697		$	268,663		$	1,819,546		$	18,658
Investments in securities, at value	$	74,865		$	270,299		$	1,754,340		$	15,658
Affiliated investments, at value		630			2,210			12,769			3,485
Cash		59			—			28			—
Foreign Currency(1)		6			—			5,908			—
Dividend and interest receivable		1,503			2,031			24,619			13
Foreign tax reclaim receivable		1			—			—			—
Receivable for capital shares sold		63			1,326			9,776			—
Receivable for investment securities sold		52			—			21,261			—
Unrealized gain on forward foreign currency contracts		—			—			77			—
Prepaid expenses		3			9			57			1
Total Assets		77,182			275,875			1,828,835			19,157
LIABILITIES:
Payable for income distributions		132			—			—			—
Payable for capital shares redeemed		10			152			570			23
Payable for investment securities purchased		438			—			38,191			—
Unrealized loss on forward foreign currency contracts		45			—			2,418			—
Investment advisory fees payable		38			90			730			2
Shareholder servicing and distribution fees payable		8			55			366			4
Administrative fees payable		11			14			34			4
Accrued expenses		50			102			742			20
Total Liabilities		732			413			43,051			53
Net Assets	$	76,450		$	275,462		$	1,785,784		$	19,104
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)		90,248			275,265			1,952,845			20,081
Undistributed (Distributions in excess of) net investment income		(45	)		93			(21,006	)		4
Accumulated net realized (loss) on investments and foreign currency		(2,507	)		(3,742	)		(57,823	)		(1,466	)
Net unrealized appreciation (depreciation) on:
Investments		(11,202	)		3,846			(85,804	)		485
Forward foreign currency contracts, foreign currencies and translation of other assets and liabilities denominated in foreign currencies		(44	)		—			(2,428	)		—
Net Assets	$	76,450		$	275,462		$	1,785,784		$	19,104
Institutional Class Shares:
Net Assets ($Dollars)	$	35,941,567		$	11,555,099		$	—		$	—
Total shares outstanding at end of period		4,995,616			440,735			—			—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	7.19		$	26.22		$	—		$	—
Class N Shares:
Net Assets ($Dollars)	$	18,208,430		$	263,906,653		$	1,785,783,614		$	14,949,388
Total shares outstanding at end of period		2,531,180			10,067,830			73,504,713			1,433,988
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	7.19		$	26.21		$	24.29		$	10.43
Servicing Class Shares:
Net Assets ($Dollars)	$	22,300,231		$	—		$	—		$	4,154,950
Total shares outstanding at end of period		3,100,701			—			—			398,190
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	7.19		$	—		$	—		$	10.43

Amounts designated as “—” are either $0 or have been rounded to $0.

(1) Cost of foreign currency $6 (000) and $5,908 (000), respectively.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 105

statements of assets and liabilities/
consolidated statement of assets and liabilities (000)

March 31, 2016 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund		City National Rochdale Emerging Markets Fund
ASSETS:
Cost of securities (including affiliated investments)	$	158,637		$	183,131	$	759,322
Investments in securities, at value	$	208,222		$	215,739	$	784,523
Affiliated investments, at value		1,333			36		36,442
Cash		21			—		152
Foreign Currency(1)		—			—		13,626
Dividend and interest receivable		559			143		882
Receivable for investment securities sold		—			—		1,081
Foreign tax reclaim receivable		—			—		11
Receivable for capital shares sold		1,123			306		6,598
Prepaid expenses		7			8		26
Total Assets		211,265			216,232		843,341
LIABILITIES:
Payable for capital shares redeemed		439			354		1,292
Payable for investment securities purchased		—			—		5,574
Investment advisory fees payable		85			72		676
Shareholder servicing and distribution fees payable		44			45		169
Administrative fees payable		13			13		21
Accrued expenses		75			96		347
Total Liabilities		656			580		8,079
Net Assets	$	210,609		$	215,652	$	835,262
NET ASSETS:
Paid-in Capital (unlimited authorization — $0.01 par value)	$	157,568		$	178,419	$	790,310
Undistributed (Distributions in excess of) net investment income		(69	)		37		(3,599	)
Accumulated net realized gain (loss) on investments and foreign currency		2,192			4,552		(13,130	)
Net unrealized appreciation (depreciation) on:
Investments		50,918			32,644		61,643
Foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—		38
Net Assets	$	210,609		$	215,652	$	835,262
Institutional Class Shares:
Net Assets ($Dollars)	$	—		$	13,355	$	—
Total shares outstanding at end of period		—			994		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.43	$	—
Class N Shares:
Net Assets ($Dollars)	$	210,608,984		$	105,709,344	$	835,262,049
Total shares outstanding at end of period		5,557,956			7,947,968		22,158,508
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	37.89		$	13.30	$	37.69
Servicing Class Shares:
Net Assets ($Dollars)	$	—		$	109,929,507	$	—
Total shares outstanding at end of period		—			8,254,351		—
Net asset value, offering and redemption price per share
(net assets ÷ shares outstanding)	$	—		$	13.32	$	—

Amounts designated as “—” are either $0 or have been rounded to $0.

(1) Cost of foreign currency $13,600 (000).

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 106

statements of operations/
consolidated statement of operations (000)

For the six months ended March 31, 2016 (Unaudited)

	City National Rochdale Government Money Market Fund			City National Rochdale Prime Money Market Fund			City National Rochdale California Tax Exempt Money Market Fund
INCOME:
Interest Income	$	5,008		$	2,164		$	437
Total Investment Income		5,008			2,164			437
EXPENSES:
Investment Advisory Fees		5,244			1,411			1,210
Shareholder Servicing Fees — Class N(1)		8,241			805			1,613
Shareholder Servicing Fees — Class S(1)		2,507			983			204
Shareholder Servicing Fees — Servicing Class		461			586			320
Administration Fees		384			149			130
Transfer Agent Fees		195			54			45
Trustee Fees		77			30			27
Professional Fees		118			37			30
Custody Fees		75			20			13
Registration Fees		90			24			17
Printing Fees		70			20			16
Insurance and Other Expenses		104			31			38
Total Expenses		17,566			4,150			3,663
Less, Waivers and/or Reimbursements of:
Investment Advisory Fees		(1,529	)		334			(1,087	)
Shareholder Servicing Fees — Class N(1)		(8,241	)		(805	)		(1,613	)
Shareholder Servicing Fees — Class S(1)		(2,507	)		(983	)		(204	)
Shareholder Servicing Fees — Servicing Class		(461	)		(586	)		(320	)
Administration Fees		(86	)		(27	)		(47	)
Net Expenses		4,742			2,083			392
Net Investment Income		266			81			45
Net Realized Gain from Securities Transactions		—			—			16
Net Increase in Net Assets Resulting from Operations	$	266		$	81		$	61

(1) Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 107

statements of operations (000)

For the six months ended March 31, 2016 (Unaudited)

	City National Rochdale Government Bond Fund			City National Rochdale Corporate Bond Fund			City National Rochdale California Tax Exempt Bond Fund			City National Rochdale Municipal High Income Fund
INCOME:
Dividend Income	$	—		$	—		$	—		$	17
Dividend Income from Affiliated Investments		—			—			20			3
Interest Income		1,032			1,792			998			18,335
Total Investment Income		1,032			1,792			1,018			18,355
EXPENSES:
Investment Advisory Fees		320			264			134			1,703
Shareholder Servicing Fees — Class N(1)		4			11			31			1,038
Shareholder Servicing Fees — Servicing Class		111			160			108			427
Administration Fees		69			68			65			119
Transfer Agent Fees		8			7			5			36
Trustee Fees		14			14			13			24
Professional Fees		9			8			7			26
Custody Fees		3			6			2			12
Registration Fees		3			3			2			17
Printing Fees		3			3			2			13
Insurance and Other Expenses		6			16			10			31
Total Expenses		550			560			379			3,446
Less, Waivers of:
Investment Advisory Fees		(41	)		(52	)		(52	)		—
Net Expenses		509			508			327			3,446
Net Investment Income		523			1,284			691			14,909
Net Realized Gain (Loss) from:
Securities Transactions		16			(1,302	)		86			38
Futures		—			—			—			426
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		264			962			608			13,419
Affiliated Investments		—			—			22			—
Futures		—			—			—			58
Net Increase in Net Assets Resulting from Operations	$	803		$	944		$	1,407		$	28,850

(1) Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 108

statements of operations/
consolidated statement of operations (000)

For the six months ended March 31, 2016 (Unaudited)

	City National Rochdale High Yield Bond Fund			City National Rochdale Intermediate Fixed Income Fund			City National Rochdale Fixed Income Opportunities Fund			City National Rochdale Multi-Asset Fund
INCOME:
Dividend Income	$	2		$	237		$	1,257		$	252
Dividend Income from Affiliated Investments		—			—			—			36
Interest Income		2,971			3,876			55,143			—
Less: Foreign Taxes Withheld		—			1			—			—
Total Investment Income		2,973			4,114			56,400			288
EXPENSES:
Investment Advisory Fees		240			542			4,190			50
Shareholder Servicing Fees — Class N(1)		50			643			4,190			5
Shareholder Servicing Fees — Servicing Class(1)		29			—			—			39
Administration Fees		64			79			231			53
Transfer Agent Fees		4			14			82			1
Trustee Fees		13			16			53			12
Professional Fees		7			13			101			5
Custody Fees		5			5			189			2
Registration Fees		2			6			40			—
Printing Fees		2			5			30			1
Insurance and Other Expenses		16			22			140			1
Total Expenses		432			1,345			9,246			169
Less, Waiver of:
Investment Advisory Fees		(49	)		(10	)		(10	)		(25	)
Net Expenses		383			1,335			9,236			144
Net Investment Income		2,590			2,779			47,164			144
Net Realized Gain (Loss) from:
Securities Transactions		(2,312	)		(1,261	)		(50,025	)		(639	)
Affiliated Investments		—			—			—			(103	)
Distributions of Realized Gains from Investment Company Shares		—			—			—			49
Forward Foreign Currency Contracts		—			—			2,327			—
Foreign Currency Transactions		82			—			(4,121	)		—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(2,138	)		2,294			11,889			559
Affiliated Investments		—			—			—			37
Forward Foreign Currency Contracts		(51	)		—			(2,800	)		—
Foreign Currency Translations		1			—			(29	)		—
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,828	)	$	3,812		$	4,405		$	47

(1) Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 109

statements of operations/
consolidated statement of operations (000)

For the six months ended March 31, 2016 (Unaudited)

	City National Rochdale Dividend & Income Fund			City National Rochdale U.S. Core Equity Fund			City National Rochdale Emerging Markets Fund
INCOME:
Dividend Income	$	3,576		$	1,647		$	2,996
Interest Income		531			5			2
Less: Foreign Taxes Withheld		(8	)		(5	)		(309	)
Total Investment Income		4,099			1,647			2,689
EXPENSES:
Investment Advisory Fees		491			433			3,866
Shareholder Servicing Fees — Class N(1)		491			262			—
Shareholder Servicing Fees — Servicing Class		—			136			1,933
Administration Fees		73			75			120
Transfer Agent Fees		10			11			38
Trustee Fees		15			16			24
Professional Fees		10			11			29
Custody Fees		3			5			183
Registration Fees		4			5			16
Printing Fees		4			4			14
Interest Expense		1			—			—
Insurance and Other Expenses		6			6			59
Total Expenses		1,108			964			6,282
Less, Waiver of:
Investment Advisory Fees		(16	)		—			(51	)
Shareholder Servicing Fees — Class N		—			—			—
Net Expenses		1,092			964			6,231
Net Investment Income		3,007			683			(3,542	)
Net Realized Gain (Loss) from:
Securities Transactions		98			5,175			(3,204	)
Foreign Currency Transactions		—			—			(961	)
Net Change in Unrealized Appreciation on:
Investments		20,219			2,760			52,299
Foreign Currency Translations		—			—			635
Net Increase in Net Assets Resulting from Operations	$	23,324		$	8,618		$	45,227

(1) Includes class specific distribution expenses.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 110

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CITY NATIONAL ROCHDALE FUNDS | PAGE 111

statements of changes in net assets (000)

For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015

	City National Rochdale Government Money Market Fund						City National Rochdale Prime Money Market Fund
	2016			2015			2016			2015
OPERATIONS:
Net Investment Income	$	266		$	397		$	81		$	105
Net Realized Gain (Loss) from Security Transactions		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		—			—			—			—
Net Increase in Net Assets Resulting from Operations		266			397			81			105
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			(13	)		(6	)
Class N		(197	)		(301	)		(19	)		(33	)
Class S		(44	)		(70	)		(17	)		(25	)
Servicing Class		(25	)		(26	)		(32	)		(41	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		—			—			—			—
Servicing Class		—			—			—			—
Total Dividends and Distributions		(266	)		(397	)		(81	)		(105	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			106,696			103,267
Shares Issued in Lieu of Dividends and Distributions		—			—			12			5
Shares Redeemed		—			—			(64,338	)		(89,242	)
Increase in Net Assets from Institutional Class Share Transactions		—			—			42,370			14,030
Class N:
Shares Issued		2,298,678			3,753,981			278,646			701,569
Shares Issued in Lieu of Dividends and Distributions		165			252			14			23
Shares Redeemed		(2,330,766	)		(3,969,801	)		(295,642	)		(743,764	)
Increase (Decrease) in Net Assets from Class N Share Transactions		(31,923	)		(215,568	)		(16,982	)		(42,172	)
Class S:
Shares Issued		770,869			1,307,608			596,902			1,030,737
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		(635,119	)		(1,345,358	)		(592,459	)		(970,164	)
Increase (Decrease) in Net Assets from Class S Share Transactions		135,750			(37,750	)		4,443			60,573
Servicing Class:
Shares Issued		557,454			1,454,606			675,590			1,141,621
Shares Issued in Lieu of Dividends and Distributions		—			—			7			11
Shares Redeemed		(548,124	)		(1,357,973	)		(661,168	)		(1,199,419	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		9,330			96,633			14,429			(57,787	)
Net Increase (Decrease) in Net Assets from Share Transactions		113,157			(156,685	)		44,260			(25,356	)
Total Increase (Decrease) in Net Assets		113,157			(156,685	)		44,260			(25,356	)
NET ASSETS:
Beginning of Year/Period		3,935,556			4,092,241			1,023,952			1,049,308
End of Year	$	4,048,713		$	3,935,556		$	1,068,212		$	1,023,952
Undistributed (Distributions in excess of) net investment income	$	1		$	1		$	—		$	—

(1) See Note 8 for shares issued and redeemed.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 112

City National Rochdale California Tax Exempt Money Market Fund						City National Rochdale Government Bond Fund						City National Rochdale Corporate Bond Fund
2016			2015			2016			2015			2016			2015
$	45		$	88		$	523		$	693		$	1,284		$	2,364
	16			36			16			124			(1,302	)		115
	—			—			264			1,373			962			(1,927	)
	61			124			803			2,190			944			552
	—			—			(241	)		(352	)		—			—
	(29	)		(62	)		(3	)		(2	)		(37	)		(63	)
	(3	)		(8	)		—			—			—			—
	(13	)		(22	)		(252	)		(354	)		(1,227	)		(2,301	)
	(24	)		—			—			—			—			—
	(3	)		—			—			—			(10	)		(35	)
	(11	)		—			—			—			(300	)		(1,106	)
	(83	)		(92	)		(496	)		(708	)		(1,574	)		(3,505	)
	—			—			7,930			10,393			—			—
	—			—			241			347			—			—
	—			—			(4,340	)		(9,674	)		—			—
	—			—			3,831			1,066			—			—
	318,746			686,601			92			310			325			1,983
	53			61			1			1			30			62
	(353,631	)		(715,932	)		(537	)		(461	)		(1,058	)		(1,546	)
	(34,832	)		(29,270	)		(444	)		(150	)		(703	)		499
	54,860			453,783			—			—			—			—
	—			—			—			—			—			—
	(67,463	)		(474,800	)		—			—			—			—
	(12,603	)		(21,017	)		—			—			—			—
	319,612			816,681			9,650			19,490			14,005			26,686
	—			—			125			176			109			260
	(302,171	)		(792,229	)		(14,275	)		(43,478	)		(18,977	)		(35,461	)
	17,441			24,452			(4,500	)		(23,812	)		(4,863	)		(8,515	)
	(29,994	)		(25,835	)		(1,113	)		(22,896	)		(5,566	)		(8,016	)
	(30,016	)		(25,803	)		(806	)		(21,414	)		(6,196	)		(10,969	)
	880,539			906,342			150,820			172,234			135,805			146,774
$	850,523		$	880,539		$	150,014		$	150,820		$	129,609		$	135,805
$	(4	)	$	(4	)	$	31		$	4		$	21		$	1

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 113

statements of changes in net assets/
consolidated statements of changes in net assets (000)

For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015

	City National Rochdale California Tax Exempt Bond Fund						City National Rochdale Municipal High Income Fund
	2016			2015			2016			2015
OPERATIONS:
Net Investment Income	$	691		$	1,216		$	14,909		$	22,889
Net Realized Gain (Loss) from:
Security Transactions and Affiliated Investments		86			129			464			162
Distributions of Realized Gains from Investment Company Shares		—			—			—			—
Foreign Currency Transactions		—			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments, Affiliated Investments and Futures Contracts		630			6			13,477			(4,980	)
Foreign Currency Translations		—			—			—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		1,407			1,351			28,850			18,071
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—			—			—
Class N		(72	)		(126	)		(7,877	)		(11,345	)
Servicing Class		(615	)		(1,090	)		(6,906	)		(11,151	)
Realized Capital Gains:
Institutional Class		—			—			—			—
Class N		(4	)		(52	)		(88	)		(36	)
Servicing Class		(32	)		(355	)		(73	)		(38	)
Total Dividends and Distributions		(723	)		(1,623	)		(14,944	)		(22,570	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—			—			—
Shares Issued in Lieu of Dividends and Distributions		—			—			—			—
Shares Redeemed		—			—			—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—			—			—
Class N:
Shares Issued		4,152			4,360			94,862			214,782
Shares Issued in Lieu of Dividends and Distributions		36			111			4,866			7,366
Shares Redeemed		(1,954	)		(4,001	)		(41,577	)		(38,116	)
Increase (Decrease) in Net Assets from Class N Share Transactions		2,234			470			58,151			184,032
Servicing Class:
Shares Issued		12,548			33,934			63,150			134,840
Shares Issued in Lieu of Dividends and Distributions		52			115			426			563
Shares Redeemed		(14,617	)		(18,007	)		(15,827	)		(37,325	)
Increase (Decrease) in Net Assets from Servicing Class Share Transactions		(2,017	)		16,042			47,749			98,078
Net Increase (Decrease) in Net Assets from Share Transactions		217			16,512			105,900			282,110
Total Increase (Decrease) in Net Assets		901			16,240			119,806			277,611
NET ASSETS:
Beginning of Year/Period		97,893			81,653			699,662			422,051
End of Year	$	98,794		$	97,893		$	819,468		$	699,662
Undistributed (distribution in excess of) net investment income	$	7		$	3		$	649		$	523

(1) See Note 8 for shares issued and redeemed.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 114

City National Rochdale High Yield Bond Fund						City National Rochdale Intermediate Fixed Income Fund						City National Rochdale Fixed Income Opportunities Fund						City National Rochdale Multi-Asset Fund
2016			2015			2016			2015			2016			2015			2016			2015
$	2,590		$	5,695		$	2,779		$	4,433		$	47,164		$	76,871		$	144		$	263
	(2,312	)		(271	)		(1,261	)		792			(50,025	)		(7,681	)		(742	)		(395	)
	—			—			—			—			—			—			49			85
	82			72			—			—			(1,794	)		8,290			—			—
	(2,138	)		(9,010	)		2,294			(2,189	)		11,889			(90,387	)		596			(697	)
	(50	)		6			—			—			(2,829	)		(1,795	)		—			—
	(1,828	)		(3,508	)		3,812			3,036			4,405			(14,702	)		47			(744	)
	(1,255	)		(2,379	)		(143	)		(244	)		—			—			—			—
	(653	)		(1,278	)		(2,610	)		(4,288	)		(64,883	)		(93,437	)		(37	)		(177	)
	(781	)		(2,049	)		—			—			—			—			(114	)		(75	)
	—			(1,868	)		—			—			—			—			—			—
	—			(1,142	)		—			—			—			(6,421	)		—			—
	—			(1,982	)		—			—			—			—			—			—
	(2,689	)		(10,698	)		(2,753	)		(4,532	)		(64,883	)		(99,858	)		(151	)		(252	)
	2,291			5,782			3,134			6,668			—			—			—			—
	1,204			4,041			119			232			—			—			—			—
	(3,927	)		(6,571	)		(7,316	)		(39	)		—			—			—			—
	(432	)		3,252			(4,063	)		6,861			—			—			—			—
	4,305			5,469			32,394			95,123			388,652			664,124			67			1,700
	327			1,309			2,469			3,268			48,170			62,724			85			129
	(6,359	)		(8,540	)		(26,984	)		(46,217	)		(232,514	)		(361,831	)		(1,200	)		(3,712	)
	(1,727	)		(1,762	)		7,879			52,174			204,308			365,017			(1,048	)		(1,883	)
	11,457			9,056			—			—			—			—			264			2,142
	195			742			—			—			—			—			24			53
	(15,037	)		(21,350	)		—			—			—			—			(516	)		(3,637	)
	(3,385	)		(11,552	)		—			—			—			—			(228	)		(1,442	)
	(5,544	)		(10,062	)		3,816			59,035			204,308			365,017			(1,276	)		(3,325	)
	(10,061	)		(24,268	)		4,875			57,539			143,830			250,457			(1,380	)		(4,321	)
	86,511			110,779			270,587			213,048			1,641,954			1,391,497			20,484			24,805
$	76,450		$	86,511		$	275,462		$	270,587		$	1,785,784		$	1,641,954		$	19,104		$	20,484
$	(45	)	$	54		$	93		$	67		$	(21,006	)	$	(3,287	)	$	4		$	11

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 115

statements of changes in net assets/
consolidated statements of changes in net assets (000)

For the six months ended March 31, 2016 (Unaudited) and the year ended September 30, 2015

	City National Rochdale Dividend & Income Fund
	2016			2015
OPERATIONS:
Net Investment Income	$	3,007		$	5,012
Net Realized Gain (Loss) from:
Security Transactions		98			5,580
Foreign Currency Transactions		—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		20,219			(10,600	)
Foreign Currency Translations		—			—
Net Increase (Decrease) in Net Assets Resulting from Operations		23,324			(8	)
DIVIDENDS AND DISTRIBUTIONS FROM:
Net Investment Income:
Institutional Class		—			—
Class N		(3,071	)		(5,817	)
Servicing Class		—			—
Realized Capital Gains:
Institutional Class		(164	)		—
Class N		—			—
Servicing Class		—			—
Total Dividends and Distributions		(3,235	)		(5,817	)
CAPITAL SHARE TRANSACTIONS:(1)
Institutional Class:
Shares Issued		—			—
Shares Issued in Lieu of Dividends and Distributions		—			—
Shares Redeemed		—			—
Increase (Decrease) in Net Assets from Institutional Class Share Transactions		—			—
Class N:
Shares Issued		27,630			66,145
Shares Issued in Lieu of Dividends and Distributions		2,183			3,602
Shares Redeemed		(26,978	)		(49,154	)
Increase (Decrease) in Net Assets from Class N Share Transactions		2,835			20,593
Servicing Class:
Shares Issued		—			—
Shares Issued in Lieu of Dividends and Distributions		—			—
Shares Redeemed		—			—
Increase in Net Assets from Servicing Class Share Transactions		—			—
Net Increase (Decrease) in Net Assets from Share Transactions		2,835			20,593
Total Increase in Net Assets		22,924			14,768
NET ASSETS:
Beginning of Year/Period		187,685			172,917
End of Year	$	210,609		$	187,685
Undistributed (Distributions in excess of) net investment income	$	(69	)	$	(5	)

(1) See Note 8 for shares issued and redeemed.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 116

City National Rochdale U.S. Core Equity Fund						City National Rochdale Emerging Markets Fund
2016			2015			2016			2015
$	683		$	947		$	(3,542	)	$	1,498
	5,175			1,411			(3,204	)		(7,454	)
	—			—			(961	)		(1,325	)
	2,760			242			52,299			(71,965	)
	—			—			635			(270	)
	8,618			2,600			45,227			(79,516	)
	—			(53	)		—			—
	(294	)		(278	)		(228	)		(2,025	)
	(440	)		(542	)		—			—
	—			(621	)		—			—
	(710	)		(9,079	)		—			—
	(739	)		(10,078	)		—			—
	(2,183	)		(20,651	)		(228	)		(2,025	)
	—			—			—			—
	—			674			—			—
	(7,205	)		(8	)		—			—
	(7,205	)		666			—			—
	8,266			19,775			253,285			357,980
	877			8,212			162			1,003
	(9,222	)		(14,129	)		(147,366	)		(175,750	)
	(79	)		13,858			106,081			183,233
	13,776			35,806			—			—
	22			64			—			—
	(11,140	)		(25,710	)		—			—
	2,658			10,160			—			—
	(4,626	)		24,684			106,081			183,233
	1,809			6,633			151,080			101,692
	213,843			207,210			684,182			582,490
$	215,652		$	213,843		$	835,262		$	684,182
$	37		$	88		$	(3,599	)	$	171

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 117

consolidated statement of cash flows (000)

For the six months ended March 31, 2016 (Unaudited)

	City National Rochdale Fixed Income Opportunities Fund
Cash Flows from Operating Activities:
Net increase in net assets from operations	$	4,405
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchase of investment securities		(1,257,129	)
Proceeds from disposition of investment securities		1,069,978
Amortization (accretion of market discount)		(6,800	)
Premium payments		(1,053	)
Net realized loss on investments		50,025
Net change in unrealized appreciation on investments		(11,889	)
Changes in assets:
Receivable for investment securities sold		7,490
Dividends and interest receivable		(2,507	)
Unrealized gain on forward currency contracts		385
Prepaid expenses		(7	)
Foreign tax reclaim receivable		81
Changes in liabilities:
Payable for investment securities purchased		12,677
Unrealized loss on forward foreign currency contracts		2,415
Investment advisory fees payable		57
Shareholder servicing and distribution fees payable		(318	)
Administrative fees payable		3
Accrued expense payable		36
Net cash used in operating activities		(132,151	)
Cash Flows from Financing Activities:
Proceeds from shares issued		429,560
Cost of shares redeemed		(232,472	)
Distributions		(64,883	)
Net cash provided by financing activities		132,205
Net change in cash		54
Cash at beginning of year		5,882
Cash at end of year/period	$	5,936

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 118

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CITY NATIONAL ROCHDALE FUNDS | PAGE 119

financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2016 (Unaudited) and the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Investment Income†			Dividends from Net Investment Income			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)
City National Rochdale Government Money Market Fund
Class N (commenced operations on June 21, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	2,926,860		0.23	%		0.01	%		0.87	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			2,958,782		0.10			0.01			0.87
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			3,174,351		0.08			0.01			0.88
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			3,040,396		0.13			0.01			0.97
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			2,808,068		0.14			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			2,926,120		0.14			0.02			1.11
Class S (commenced operations on October 6, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	803,932		0.24	%		0.01	%		1.07	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			668,183		0.10			0.01			1.07
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			705,932		0.08			0.01			1.08
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			475,151		0.12			0.01			1.11
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			288,922		0.14			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.01			291,194		0.15			0.01			1.11
Servicing Class (commenced operations on April 3, 2000)^^
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	317,921		0.24	%		0.01	%		0.57	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			308,591		0.10			0.01			0.57
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			211,958		0.08			0.01			0.58
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			128,423		0.12			0.01			0.61
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			96,452		0.14			0.01			0.61
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			51,705		0.14			0.03			0.61
City National Rochdale Prime Money Market Fund
Institutional Class (commenced operations on December 19, 2012)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	110,375		0.37	%		0.01	%		0.32	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			68,005		0.18			0.01			0.32
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			53,975		0.15			0.01			0.33
2013		1.00		0.000	^		(0.000	)^		1.00		0.02			11,207		0.18			0.02			0.35
Class N (commenced operations on October 18, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	274,310		0.36	%		0.01	%		0.87	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			291,291		0.18			0.01			0.87
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			333,463		0.15			0.01			0.88
2013		1.00		0.000	^		(0.000	)^		1.00		0.02			424,972		0.20			0.02			0.96
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			394,036		0.24			0.01			1.10
2011		1.00		0.000	^		(0.000	)^		1.00		0.03			450,282		0.25			0.03			1.10
Class S (commenced operations on October 26, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	263,252		0.37	%		0.01	%		1.07	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			258,809		0.15			0.01			1.07
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			198,237		0.15			0.01			1.08
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			207,252		0.21			0.01			1.09
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			256,060		0.24			0.01			1.10
2011		1.00		0.000	^		0.000	^		1.00		0.02			265,116		0.27			0.01			1.10
Servicing Class (commenced operations on March 23, 1998)^^
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	420,275		0.37	%		0.01	%		0.57	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			405,847		0.18			0.01			0.57
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			463,633		0.15			0.01			0.58
2013		1.00		0.000	^		(0.000	)^		1.00		0.02			613,445		0.19			0.02			0.59
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			506,728		0.23			0.02			0.60
2011		1.00		0.001	^		(0.001	)		1.00		0.06			630,250		0.22			0.05			0.60
City National Rochdale California Tax Exempt Money Market Fund
Class N (commenced operations on June 21, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	559,469		0.09	%		0.01	%		0.89	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			594,315		0.06			0.01			0.89
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			623,561		0.05			0.01			0.90
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			673,208		0.11			0.01			0.97
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			666,532		0.12			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			628,163		0.17			0.02			1.12
Class S (commenced operations on November 12, 1999)
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	47,793		0.09	%		0.01	%		1.09	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			60,397		0.06			0.01			1.09
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			81,412		0.05			0.01			1.10
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			79,312		0.11			0.01			1.11
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			99,970		0.12			0.01			1.11
2011		1.00		0.000	^		(0.000	)^		1.00		0.01			78,221		0.17			0.01			1.12
Servicing Class (commenced operations on April 3, 2000)^^
2016	$	1.00	$	0.000	^	$	(0.000	)^	$	1.00		0.01	%	$	243,261		0.09	%		0.01	%		0.59	%
2015		1.00		0.000	^		(0.000	)^		1.00		0.01			225,827		0.06			0.01			0.59
2014		1.00		0.000	^		(0.000	)^		1.00		0.01			201,369		0.05			0.01			0.60
2013		1.00		0.000	^		(0.000	)^		1.00		0.01			165,740		0.10			0.01			0.61
2012		1.00		0.000	^		(0.000	)^		1.00		0.00			137,665		0.12			0.01			0.61
2011		1.00		0.000	^		(0.000	)^		1.00		0.02			169,932		0.16			0.02			0.62

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.001.

^^ Effective November 28, 2012, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 120

	Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Government Bond Fund
Institutional Class (commenced operations on February 1, 2012)
2016	$	10.59	$	0.05	$	0.01		$	(0.04	)	$	—		$	10.61		0.60	%	$	62,264		0.53	%		0.86	%		0.59	%		19	%
2015		10.49		0.06		0.10			(0.06	)		—			10.59		1.55			58,301		0.53			0.59			0.57			37
2014		10.47		0.06		0.02			(0.06	)		—			10.49		0.80			56,722		0.53			0.59			0.57			59
2013		10.73		0.11		(0.23	)		(0.14	)		—			10.47		(1.11	)		56,351		0.54			1.03			0.52			28
2012		10.75		0.05		0.04			(0.11	)		—			10.73		0.01			55,502		0.55			0.96			0.53			55
Class N (commenced operations on April 13, 2000)
2016	$	10.60	$	0.02	$	0.02		$	(0.02	)	$	—		$	10.62		0.35	%	$	1,451		1.03	%		0.35	%		1.09	%		19	%
2015		10.51		0.01		0.09			(0.01	)		—			10.60		0.95			1,895		1.03			0.08			1.07			37
2014		10.49		0.01		0.02			(0.01	)		—			10.51		0.29			2,027		1.03			0.10			1.07			59
2013		10.75		0.04		(0.21	)		(0.09	)		—			10.49		(1.60	)		2,505		1.03			0.38			1.02			28
2012		10.77		0.06		0.05			(0.12	)		(0.01	)		10.75		0.01			2,970		1.03			0.56			1.03			55
2011		10.68		0.12		0.15			(0.18	)		—			10.77		2.60			2,940		0.95			1.17			1.03			86
Servicing Class (commenced operations on January 14, 2000)^
2016	$	10.58	$	0.03	$	0.02		$	(0.03	)	$	—		$	10.60		0.47	%	$	86,299		0.78	%		0.61	%		0.84	%		19	%
2015		10.49		0.04		0.09			(0.04	)		—			10.58		1.21			90,624		0.78			0.33			0.82			37
2014		10.47		0.04		0.02			(0.04	)		—			10.49		0.54			113,485		0.78			0.34			0.82			59
2013		10.72		0.07		(0.20	)		(0.12	)		—			10.47		(1.26	)		114,953		0.79			0.62			0.77			28
2012		10.75		0.09		0.03			(0.14	)		(0.01	)		10.72		0.01			124,121		0.77			0.83			0.78			55
2011		10.66		0.15		0.15			(0.21	)		—			10.75		2.86			175,866		0.70			1.40			0.78			86
City National Rochdale Corporate Bond Fund
Class N (commenced operations on April 13, 2000)
2016	$	10.45	$	0.09	$	(0.02	)	$	(0.09	)	$	(0.02	)	$	10.41		0.68	%	$	3,682		1.01	%		1.70	%		1.09	%		15	%
2015		10.67		0.15		(0.14	)		(0.15	)		(0.08	)		10.45		0.14			4,411		1.01			1.42			1.07			32
2014		10.71		0.14		0.03			(0.14	)		(0.07	)		10.67		1.64			4,008		1.01			1.32			1.07			37
2013		10.91		0.16		(0.10	)		(0.17	)		(0.09	)		10.71		0.49			3,100		1.00			1.51			1.00			29
2012		10.59		0.22		0.37			(0.22	)		(0.05	)		10.91		0.06			2,535		1.00			2.05			1.00			31
2011		10.89		0.29		(0.30	)		(0.29	)		—			10.59		(0.10	)		2,481		1.00			2.69			1.00			40
Servicing Class (commenced operations on January 14, 2000)^
2016	$	10.44	$	0.10	$	(0.03	)	$	(0.10	)	$	(0.02	)	$	10.39		0.72	%	$	125,927		0.76	%		1.88	%		0.84	%		15	%
2015		10.66		0.18		(0.14	)		(0.18	)		(0.08	)		10.44		0.39			131,394		0.76			1.67			0.82			32
2014		10.70		0.17		0.03			(0.17	)		(0.07	)		10.66		1.89			142,766		0.76			1.57			0.82			37
2013		10.90		0.19		(0.11	)		(0.19	)		(0.09	)		10.70		0.75			135,184		0.75			1.77			0.75			29
2012		10.58		0.25		0.37			(0.25	)		(0.05	)		10.90		0.06			133,787		0.75			2.30			0.75			31
2011		10.88		0.32		(0.30	)		(0.32	)		—			10.58		0.15			111,563		0.75			2.94			0.75			40
City National Rochdale California Tax Exempt Bond Fund
Class N (commenced operations on April 13, 2000)
2016	$	10.71	$	0.06	$	0.07		$	(0.06	)	$	(0.00	)(3)	$	10.78		1.29	%	$	13,700		0.88	%		1.17	%		0.99	%		8	%
2015		10.74		0.12		0.02			(0.12	)		(0.05	)		10.71		1.30			11,386		0.88			1.10			1.00			10
2014		10.54		0.13		0.22			(0.13	)		(0.02	)		10.74		3.31			10,955		0.88			1.17			1.02			36
2013		10.86		0.18		(0.22	)		(0.18	)		(0.10	)		10.54		(0.45	)		8,197		0.87			1.64			0.86			34
2012		10.70		0.22		0.23			(0.22	)		(0.07	)		10.86		4.32			6,093		0.83			2.07			0.86			27
2011		10.73		0.26		0.01			(0.26	)		(0.04	)		10.70		2.65			4,563		0.75			2.46			0.87			26
Servicing Class (commenced operations on January 14, 2000)^
2016	$	10.68	$	0.08	$	0.07		$	(0.08	)	$	(0.00	)(3)	$	10.75		1.41	%	$	85,094		0.63	%		1.43	%		0.74	%		8	%
2015		10.71		0.14		0.03			(0.15	)		(0.05	)		10.68		1.56			86,507		0.63			1.36			0.75			10
2014		10.51		0.15		0.22			(0.15	)		(0.02	)		10.71		3.58			70,698		0.63			1.43			0.77			36
2013		10.83		0.20		(0.22	)		(0.20	)		(0.10	)		10.51		(0.20	)		59,149		0.62			1.91			0.62			34
2012		10.67		0.25		0.23			(0.25	)		(0.07	)		10.83		4.59			51,840		0.58			2.34			0.61			27
2011		10.70		0.29		0.01			(0.29	)		(0.04	)		10.67		2.92			53,464		0.50			2.73			0.62			26
City National Rochdale Municipal High Income Fund
Class N (commenced operations on December 30, 2013)
2016	$	10.67	$	0.21	$	0.20		$	(0.21	)	$	—	^	$	10.87		3.85	%	$	448,225		1.02	%		3.83	%		1.02	%		1	%
2015		10.71		0.41		(0.04	)		(0.41	)	—		^		10.67		3.55			382,461		1.04			3.85			1.03			2
2014		10.00		0.32		0.71			(0.32	)		—			10.71		10.38			201,200		1.08			4.02			1.08			1
Servicing Class (commenced operations on December 30, 2013)
2016	$	10.68	$	0.22	$	0.20		$	(0.22	)	$	—	^	$	10.88		3.98	%	$	371,243		0.77	%		4.08	%		0.77	%		1	%
2015		10.72		0.44		(0.04	)		(0.44	)	—		^		10.68		3.81			317,201		0.79			4.10			0.79			2
2014		10.00		0.34		0.72			(0.34	)		—			10.72		10.68			220,851		0.83			4.27			0.84			1

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) Amount represents less than $0.01.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 121

financial highlights/consolidated financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2016 (Unaudited) and the year or period ended September 30,

		Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale High Yield Bond Fund
Institutional Class (commenced operations on February 2, 2012)
2016		$	7.58	$	0.24	$	(0.38	)	$	(0.25	)	$	—		$	7.19		(1.63	)%	$	35,942		0.76	%		6.72	%		0.89	%		35	%
2015			8.76		0.49		(0.77	)		(0.49	)		(0.41	)		7.58		(3.47	)		38,274		0.70			5.94			0.83			77
2014			8.59		0.53		0.19			(0.53	)		(0.02	)		8.76		8.49			40,639		0.70			5.98			0.78			59
2013			8.64		0.60		(0.05	)		(0.60	)		—			8.59		6.49			39,219		0.75			6.87			0.75			56
2012			8.39		0.43		0.26			(0.44	)		—			8.64		8.39			40,891		0.85			7.66			0.85			41
Class N (commenced operations on January 14, 2000)
2016		$	7.58	$	0.23	$	(0.38	)	$	(0.24	)	$	—		$	7.19		(2.01	)%	$	18,208		1.26	%		6.21	%		1.38	%		35	%
2015			8.76		0.44		(0.76	)		(0.45	)		(0.41	)		7.58		(3.94	)		21,063		1.20			5.43			1.33			77
2014			8.59		0.49		0.18			(0.48	)		(0.02	)		8.76		7.95			26,166		1.20			5.49			1.28			59
2013			8.64		0.56		(0.05	)		(0.56	)		—			8.59		5.95			34,371		1.27			6.37			1.26			56
2012			7.98		0.62		0.66			(0.62	)		—			8.64		16.56			38,629		1.38			7.43			1.39			41
2011			8.31		0.69		(0.33	)		(0.69	)		—			7.98		4.14			28,672		1.30			8.12			1.40			56
Servicing Class (commenced operations on January 14, 2000)^
2016		$	7.58	$	0.23	$	(0.37	)	$	(0.25	)	$	—		$	7.19		(1.89	)%	$	22,300		1.00	%		6.40	%		1.13	%		35	%
2015			8.76		0.47		(0.77	)		(0.47	)		(0.41	)		7.58		(3.71	)		27,174		0.95			5.67			1.08			77
2014			8.59		0.51		0.19			(0.51	)		(0.02	)		8.76		8.22			43,974		0.95			5.83			1.02			59
2013			8.63		0.58		(0.04	)		(0.58	)		—			8.59		6.35			88,949		0.99			6.58			0.99			56
2012			7.98		0.65		0.65			(0.65	)		—			8.63		16.77			74,245		1.08			7.76			1.09			41
2011			8.31		0.72		(0.33	)		(0.72	)		—			7.98		4.45			65,829		1.00			8.43			1.10			56
City National Rochdale Intermediate Fixed Income Fund
Institutional Class (commenced operations on December 20, 2013)
2016		$	26.12	$	0.32	$	0.11		$	(0.33	)	$	—		$	26.22		1.65	%	$	11,555		0.51	%		2.46	%		0.52	%		16	%
2015			26.23		0.60		(0.11	)		(0.60	)		—			26.12		1.87			15,574		0.51			2.29			0.53			21
2014			25.89		0.53		0.33			(0.52	)		—			26.23		3.35			8,784		0.51			2.57			0.52			28
Class N (commenced operations on December 31, 1999)
2016		$	26.11	$	0.26	$	0.10		$	(0.26	)	$	—		$	26.21		1.41	%	$	263,907		1.01	%		2.03	%		1.02	%		16	%
2015			26.23		0.47		(0.12	)		(0.47	)		—			26.11		1.34			255,013		1.01			1.79			1.03			21
2014			25.89		0.57		0.34			(0.57	)		—			26.23		3.54			204,264		1.01			2.17			1.04			28
2013	*		26.76		0.60		(0.85	)		(0.62	)		—			25.89		(0.96	)		155,740		1.02			3.04			1.04			21
2012			25.68		0.95		1.08			(0.95	)		—			26.76		7.99			130,359		1.13			3.59			1.12			26
2011			25.89		0.97		(0.23	)		(0.95	)		—			25.68		2.88			107,957		1.15			3.74			1.15			58
City National Rochdale Fixed Income Opportunities Fund
Class N (commenced operations on July 1, 2009)
2016		$	25.22	$	0.70	$	(0.67	)	$	(0.96	)	$	—		$	24.29		0.15	%	$	1,785,784		1.10	%(5)		5.64	%		1.10	%(5)		32	%
2015			27.19		1.34		(1.59	)		(1.60	)		(0.12	)		25.22		(0.88	)		1,641,954		1.10	(4)		5.08			1.12	(4)		73
2014			26.83		1.28		0.38			(1.17	)		(0.13	)		27.19		6.20			1,391,497		1.11	(3)		4.65			1.12	(3)		82
2013	*		27.20		1.28		(0.43	)		(1.22	)	—		^^		26.83		3.16			924,444		1.08			6.24			1.11			52
2012			26.16		1.70		1.04			(1.64	)		(0.06	)		27.20		10.70			654,095		1.12			6.29			1.12			41
2011			27.34		1.58		(1.02	)		(1.45	)		(0.29	)		26.16		2.04			497,684		1.16			5.80			1.16			60

* For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, Rochdale Investment Trust’s Rochdale Intermediate Fixed Income Portfolio and Rochdale Fixed Income Opportunities Portfolio (each a “Predecessor Fund”) were merged into City National Rochdale Funds’ City National Rochdale Intermediate Fixed Income Fund and City National Rochdale Fixed Income Opportunities Fund, respectively. Information presented for the period prior to March 29, 2013, is that of the respective Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

^^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.10%, respectively.

(4) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.11%, respectively.

(5) The expense ratio includes acquired fund fee expenses from the investment in the Subsidiary. Had this expense been excluded, the ratios would have been 1.09% and 1.09%, respectively.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 122

		Net Asset Value Beginning of Period		Net Investment Income†		Net Realized and Unrealized Gains (Losses) on Securities†			Redemption Fees		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (1)(2)			Ratio of Net Investment Income to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Multi-Asset Fund
Class N (commenced operations on October 1, 2007)
2016		$	10.48	$	0.07	$	(0.04	)	$	—	$	(0.08	)	$	—		$	—		$	10.43		0.25	%	$	14,949		1.49	%		1.41	%		1.74	%		29	%
2015			11.01		0.12		(0.54	)		—		(0.11	)		—			—			10.48		(3.84	)		16,080		1.50			1.09			1.69			67
2014			10.70		0.07		0.32			—		(0.08	)		—			—			11.01		3.67			18,760		1.49			0.63			1.53			75
2013			10.44		0.15		0.29			—		(0.18	)		—			—			10.70		4.25			21,966		1.09			1.45			1.10			56
2012			9.88		0.18		0.57			—		(0.19	)		—			—			10.44		7.61			25,001		1.09			1.72			1.10			89
2011			10.36		0.17		(0.48	)		—		(0.17	)		—			—			9.88		(3.11	)		26,377		1.09			1.57			1.10			67
Servicing Class (commenced operations on October 1, 2007)^^
2016		$	10.49	$	0.09	$	(0.06	)	$	—	$	(0.09	)	$	—		$	—		$	10.43		0.28	%	$	4,155		1.24	%		1.66	%		1.49	%		29	%
2015			11.02		0.15		(0.54	)		—		(0.14	)		—			—			10.49		(3.59	)		4,404		1.25			1.35			1.43			67
2014			10.71		0.10		0.32			—		(0.11	)		—			—			11.02		3.94			6,045		1.24			0.87			1.29			75
2013			10.45		0.18		0.29			—		(0.21	)		—			—			10.71		4.51			4,938		0.84			1.70			0.84			56
2012			9.88		0.20		0.57			—		(0.20	)		—			—			10.45		7.89			7,230		0.84			1.99			0.84			89
2011			10.37		0.19		(0.48	)		—		(0.20	)		—			—			9.88		(2.97	)		19,084		0.84			1.76			0.85			67
City National Rochdale Dividend & Income Fund
Class N (commenced operations on June 1, 1999)
2016		$	34.22	$	0.55	$	3.68		$	—	$	(0.56	)	$	—		$	—		$	37.89		12.52	%	$	210,609		1.11	%		3.06	%		1.13	%		2	%
2015			35.08		0.94		(0.72	)		—		(1.08	)		—			—			34.22		0.53			187,685		1.11			2.60			1.13			13
2014			32.25		0.95		2.96			—		(1.08	)		—			—			35.08		12.20			172,917		1.09			2.74			1.14			16
2013	*		29.07		0.62		3.37			—		(0.54	)		—			(0.27	)		32.25		13.74			155,807		1.16			2.55			1.19			17
2012			28.06		0.92		1.17			—		(0.92	)		—			(0.16	)		29.07		7.49			116,138		1.38			3.18			1.37			13
2011			26.73		0.90		1.46			0.01		(0.88	)		—			(0.16	)		28.06		9.02			107,012		1.40			3.27			1.40			21
City National Rochdale U.S. Core Equity Fund
Institutional Class (commenced operations on December 3, 2012)
2016		$	13.04	$	0.06	$	0.49		$	—	$	(0.07	)	$	(0.09	)	$	—		$	13.43		4.19	%	$	13		0.51	%		0.91	%		0.51	%		22	%
2015			14.21		0.11		0.13			—		(0.10	)		(1.31	)		—			13.04		1.79			6,870		0.52			0.79			0.52			32
2014			12.13		0.08		2.30			—		(0.08	)		(0.22	)		—			14.21		19.86			6,759		0.53			0.59			0.53			60
2013			10.00		0.14		2.08			—		(0.09	)		—			—			12.13		22.23			—		0.00	(3)		1.57			0.00	(3)		32
Class N (commenced operations on December 3, 2012)
2016		$	12.92	$	0.03	$	0.48		$	—	$	(0.04	)	$	(0.09	)	$	—		$	13.30		3.90	%	$	105,709		1.02	%		0.49	%		1.02	%		22	%
2015			14.09		0.04		0.14			—		(0.04	)		(1.31	)		—			12.92		1.31			102,753		1.02			0.29			1.02			32
2014			12.08		0.01		2.23			—		(0.01	)		(0.22	)		—			14.09		18.80			97,205		1.03			0.09			1.04			60
2013			10.00		0.05		2.08			—		(0.05	)		—			—			12.08		21.33			66,145		0.99			0.52			0.99			32
Servicing Class (commenced operations on December 3, 2012)
2016		$	12.93	$	0.05	$	0.48		$	—	$	(0.05	)	$	(0.09	)	$	—		$	13.32		4.10	%	$	109,930		0.77	%		0.74	%		0.77	%		22	%
2015			14.11		0.07		0.13			—		(0.07	)		(1.31	)		—			12.93		1.48			104,220		0.77			0.54			0.77			32
2014			12.09		0.05		2.24			—		(0.05	)		(0.22	)		—			14.11		19.15			103,246		0.78			0.34			0.79			60
2013			10.00		0.07		2.08			—		(0.06	)		—			—			12.09		21.60			68,919		0.74			0.73			0.74			32

* For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Dividend & Income Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Dividend & Income Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

^^ Effective December 19, 2011, Institutional Class Shares were redesignated as Servicing Class Shares. This share class name change had no impact on the Fund’s operations or investment policy.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) Amount represents less than 0.01%.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 123

consolidated financial highlights

For a Share Outstanding Throughout Each Period
For the six months ended March 31, 2016 (Unaudited) and the year or period ended September 30,

	Net Asset Value Beginning of Period		Net Investment Income (Loss)†			Net Realized and Unrealized Gains (Losses) on Securities†			Redemption Fees			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Return of Capital			Net Asset Value End of Period		Total Return‡			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets(1)(2)			Ratio of Net Investment Income (Loss) to Average Net Assets(1)(2)			Ratio of Expenses to Average Net Assets (Excluding Waivers & Recovered Fees)(1)			Portfolio Turnover Rate
City National Rochdale Emerging Markets Fund
Class N (commenced operations on December 14, 2011)
2016	$	35.38	$	(0.17	)	$	2.49		$	—		$	(0.01	)	$	—	$	—		$	37.69		6.59	%	$	835,262		1.61	%		(0.92	)%		1.63	%		5	%
2015		38.90		0.09			(3.48	)		—			(0.13	)		—		—			35.38		(8.74	)		684,182		1.61			0.21			1.65			34
2014		34.24		0.22			4.55			—			(0.11	)		—		—			38.90		13.96			582,490		1.61			0.58			1.64			42
2013*		32.31		0.33			1.60			—			—			—		—			34.24		5.97			294,040		1.62			1.31			1.69			25
2012		25.28		0.04			7.00			0.01			—			—		(0.02	)		32.31		27.87			136,838		1.97			0.15			1.94			69
2011		25.00		(0.02	)(3)		0.30		—		^		—			—		—			25.28		1.12			5,934		2.25			(2.15	)		9.74			6

* For the nine months ended September 30, 2013, and the year or period ended December 31. Effective March 29, 2013, the Rochdale Investment Trust’s Rochdale Emerging Markets Portfolio (the “Predecessor Fund”) was merged into City National Rochdale Funds’ City National Rochdale Emerging Markets Fund. Information presented for the period prior to March 29, 2013, is that of the Predecessor Fund, which had a December 31 fiscal year end.

† Per share calculations are based on Average Shares outstanding throughout the period.

‡ Returns are for the period indicated and have not been annualized. Fee waivers are in effect; if they had not been in effect, performance would have been lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^ Amount represents less than $0.01 per share.

(1) Annualized for periods less than one year.

(2) Ratio includes waivers and previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

(3) Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.

Amounts designated as “—” are either $0 or have been rounded to $0.

See accompanying notes to financial statements.

CITY NATIONAL ROCHDALE FUNDS | PAGE 124

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

1. ORGANIZATION:

City National Rochdale Funds, a Delaware statutory trust (the “Trust”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company currently offering the following 14 series (each a “Fund” and collectively, the “Funds”): City National Rochdale Government Money Market Fund (“Government Money Market Fund”), City National Rochdale Prime Money Market Fund (“Prime Money Market Fund”), and City National Rochdale California Tax Exempt Money Market Fund (“California Money Market Fund”) (collectively, the “Money Market Funds”); City National Rochdale Government Bond Fund (“Government Bond Fund”), City National Rochdale Corporate Bond Fund (“Corporate Bond Fund”), City National Rochdale California Tax Exempt Bond Fund (“California Tax Exempt Bond Fund”), City National Rochdale Municipal High Income Fund (“Municipal High Income Fund”), City National Rochdale High Yield Bond Fund (“High Yield Bond Fund”), City National Rochdale Intermediate Fixed Income Fund (“Intermediate Fixed Income Fund”), and City National Rochdale Fixed Income Opportunities Fund (“Fixed Income Opportunities Fund”) (collectively, the “Fixed Income Funds”); City National Rochdale Multi-Asset Fund (“Multi-Asset Fund”), City National Rochdale Dividend & Income Fund (“Dividend & Income Fund”), City National Rochdale U.S. Core Equity Fund (“U.S. Core Equity Fund”), and City National Rochdale Emerging Markets Fund (“Emerging Markets Fund”) (collectively, the “Equity Funds”).

On January 31, 2014, the Institutional Class of the Multi-Asset Fund closed.

On September 15, 2015, the Limited Maturity Fund Fixed Income Fund closed.

On January 8, 2016, the Socially Responsible Fund closed.

The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified with the exception of the California Tax Exempt Bond Fund and the Emerging Markets Fund, which are non-diversified.

2. SIGNIFICANT ACCOUNTING POLICIES:

The following is a summary of significant accounting policies followed by the Funds.

Use of Estimates – The Funds are investment companies that conform with accounting principles generally accepted in the United States of America (“GAAP”). Therefore the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation – Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ) are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, if the Funds’ Fair Value Committee concludes it approximates market value after taking into account factors such as credit, liquidity and interest rate conditions as well as issuer specific factors. Investments in underlying registered investment companies are valued at their respective daily net assets in accordance with pricing procedures approved by their respective boards. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held by the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from one or more independent brokers.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees. The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Trust’s Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal

CITY NATIONAL ROCHDALE FUNDS | PAGE 125

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

conditions it would be open; for international securities, market events occur after the close of the foreign markets that make closing prices not representative of fair value; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

Investments in life settlement policies (“Policies”) are valued using the fair value method of accounting. The Fair Value Procedures recognize that the Policies are illiquid and that no market currently exists for the Policies. Under the fair value method, the Fixed Income Opportunities Fund recognizes the initial investment in its Policies at the transaction price. In subsequent periods, the Fund re-measures the investment in its Policies at fair value daily and recognizes changes in fair value in earnings, less Policy premiums paid and continuing costs, plus proceeds from Policy maturities in the period in which the changes occur. Due to the inherent uncertainty of this method of valuation, the estimated values may differ significantly from the value that would have been used had a ready market value for the investment existed, and the difference could be material. Life settlement contracts are included in Level 3 of the fair value hierarchy.

In accordance with GAAP, the objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

● Level 2 — Quoted prices in inactive markets, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3, the fair value measurement of which considers several inputs, may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended March 31, 2016, there have been no changes to the Funds’ fair valuation methodologies. For more details of the investment classification, refer to the Schedules of Investments/Consolidated Schedule of Investments.

Security Transactions and Related Income – Security transactions are accounted for on the trade date of the security purchase or sale. Costs used in determining net realized capital gains and losses on the sale of securities are those of the specific securities sold. Interest income is recognized on an accrual basis and dividend income is recognized on the ex-dividend date. Purchase discounts and premiums on securities held by the Funds are accreted and amortized to maturity using the scientific method, which approximates the effective interest method over the holding period of a security, except for the Money Market Funds, which use a straight line basis which is not materially different from the scientific method.

Repurchase Agreements – Securities pledged as collateral for repurchase agreements are held by each Fund’s custodian bank, U.S. Bank, N.A., until maturity of the repurchase agreements. Provisions of the agreements and procedures adopted by the investment adviser require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. The Funds also invest in tri-party repurchase agreements. Securities held as collateral for tri-party repurchase agreements are maintained by the broker’s custodian bank in a segregated account until maturity of the repurchase agreement. Provisions of the agreements require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default. If the counterparty defaults and the value of the collateral declines or if the counterparty enters into an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

TBA Transactions – The Funds may engage in “to be announced” (“TBA”) security transactions. Such transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Funds record TBA securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased.

CITY NATIONAL ROCHDALE FUNDS | PAGE 126

Expense Allocation – Common expenses incurred by the Funds are allocated among the Funds (i) based upon relative average daily net assets, (ii) as incurred on a specific identification basis, (iii) equally among the Funds, or (iv) a combination of the above, depending on the nature of the expenditure.

Classes – Class-specific expenses are borne by that class. Income, non class-specific expenses, and realized and unrealized gains/losses are allocated to the respective class on the basis of relative net asset value each day.

Dividends and Distributions to Shareholders – Dividends from net investment income are declared daily and paid to shareholders monthly for the Money Market Funds and Fixed Income Funds except for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Dividend & Income Fund. Dividends from net investment income are declared and paid quarterly for the Intermediate Fixed Income Fund, Fixed Income Opportunities Fund, Dividend & Income Fund, Multi-Asset Fund and Equity Funds except for the Emerging Markets Fund. Dividends from net investment income are declared and paid annually for the Emerging Markets Fund. Distributions from net realized capital gains are distributed to shareholders at least annually.

Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such translations. The gain or loss upon the sale of a security resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

Forward Foreign Currency Contracts – A forward foreign currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked to market daily and the change in market value is recorded as an unrealized gain (loss) on forward foreign currency contracts in the Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, which is included within realized gain (loss) on foreign currency transactions in the Statements of Operations/Consolidated Statement of Operations. A Fund could be at risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably.

To reduce counterparty risk with respect to over-the-counter (“OTC”) transactions, the High Yield Bond Fund and the Fixed Income Opportunities Fund have entered into master netting arrangements, established within the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allows the High Yield Bond Fund and the Fixed Income Opportunities Fund to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the High Yield Bond Fund and the Fixed Income Opportunities Fund may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the High Yield Bond Fund and the Fixed Income Opportunities Fund.

For financial reporting purposes, the High Yield Bond Fund and the Fixed Income Opportunities Fund do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is reported separately on the Statement of Assets and Liabilities/Consolidated Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the High Yield Bond Fund and the Fixed Income Opportunities Fund, if any, is noted in the Schedule of Investments/Consolidated Schedule of

CITY NATIONAL ROCHDALE FUNDS | PAGE 127

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the High Yield Bond Fund and the Fixed Income Opportunities Fund from its counterparties are not fully collateralized, contractually or otherwise, the High Yield Bond Fund and the Fixed Income Opportunities Fund bear the risk of loss from counterparty nonperformance.

The following tables present, by derivative type, the High Yield Bond Fund’s and the Fixed Income Opportunities Fund’s OTC derivative assets and liabilities net of the related collateral posted for the benefit of the High Yield Bond Fund and the Fixed Income Opportunities Fund at March 31, 2016 (000):

Derivative Type	Derivative Assets Subject to a Netting Agreement or Similar Arrangement		Derivative Available for Offset			Collateral Received		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	—	$	—		$	—	$	—
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		77		(77	)		—		—

Derivative Type	Derivative Liabilities Subject to a Netting Agreement or Similar Arrangement			Derivative Available for Offset		Collateral Pledged		Net Amount
High Yield Bond Fund
Forward Foreign Currency Contracts	$	(45	)	$	—	$	—	$	(45	)
Fixed Income Opportunities Fund
Forward Foreign Currency Contracts		(2,418	)		77		—		(2,341	)

Futures Contracts — To the extent consistent with their Investment Objective and Strategies, certain Funds may use futures contracts for tactical hedging purposes as well as to enhance the Funds’ returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that the Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments or Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2016, if applicable.

Restricted Securities – Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale.

A Fund may invest in restricted securities that are consistent with the Fund’s investment objective and investment strategies. A Fund will not invest in a restricted security if, immediately after and as a result of the investment in such security, more than 15% (5% in the case of the Money Market Funds) of the Fund’s net assets would be invested in illiquid securities. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense either upon demand by the Fund or in connection with another registered offering of the securities. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Master Limited Partnerships – Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The City National Rochdale Dividend & Income Fund may, as a non-principal investment strategy, invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, interests or “units” of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP for U.S. federal income tax purposes, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property,

CITY NATIONAL ROCHDALE FUNDS | PAGE 128

income and gain from certain mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities, and gain from the sale or other disposition of a capital asset held for the production of such income. Mineral or natural resources activities include exploration, development, production, mining, processing, refining, marketing and transportation (including pipelines), of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy, natural resources or real estate sectors.

Investments in Irish Subsidiary – The Fixed Income Opportunities Fund may invest up to 15% of its net assets in life insurance policies and interests related thereto purchased through life settlement transactions. The Fund may invest in life insurance policies and related interests directly or through a wholly-owned subsidiary of the Fund under the laws of Ireland (the “Subsidiary”).

The principal purpose of investment in the Subsidiary is to allow the Fixed Income Opportunities Fund to gain exposure to life insurance policies within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is a company organized under the laws of Ireland and is overseen by its own board of directors. Although the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the Fund. The Subsidiary is not an investment company registered under the 1940 Act and is not subject to all of the investor protections of the 1940 Act.

Information regarding the Fixed Income Opportunities Fund and the Subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and Consolidated Statement of Cash Flows.

The Subsidiary commenced operations on October 3, 2013. The net assets of the Subsidiary at March 31, 2016, were $177,470,084, which represented 9.9% of the net assets of the Fixed Income Opportunities Fund.

Investments in Mauritius Subsidiary – To the extent that the Emerging Markets Fund seeks to invest in the securities of Indian companies, it currently intends to do so by investing in shares of a wholly-owned collective investment vehicle (the “Mauritius Subsidiary”) registered with and regulated by the Mauritius Financial Services Commission that is also managed by City National Rochdale. The Mauritius Subsidiary was formed to allow the Fund’s investments in Indian companies to benefit from a favorable tax treaty between Mauritius and India. In order to do so, the Mauritius Subsidiary will seek to maintain residency in Mauritius.

Investment in Affiliated Security – The Funds may invest excess cash in the Money Market Funds. The Multi-Asset Fund also invests in other series of the Trust.

Deferred Offering Costs – Offering costs, including costs of printing initial prospectuses and legal and registration fees, are amortized over twelve months from inception of a Fund. As of March 31, 2016, deferred offering costs for the Municipal High Income Fund have been fully amortized.

3. ADMINISTRATION, TRANSFER AGENT, DISTRIBUTION AND SHAREHOLDER SERVICES AGREEMENTS:

Pursuant to an Amended and Restated Administration Agreement dated January 1, 2013, as amended (the “Agreement”), SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, acts as the Trust’s administrator. Under the terms of the Agreement, the Administrator is entitled to receive an annual fee based on the average daily net assets of the Trust and subject to a minimum annual fee.

The Trust has adopted a Rule 12b-1 Distribution Plan (“the Plan”) with respect to Class N and Class S Shares that allows each Fund to pay distribution and servicing fees. Pursuant to the Plan, SEI Investments Distribution Co. (the “Distributor”) may receive a distribution fee, computed daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Class S Shares and 0.30% of the average daily net assets of the Class N Shares of the Money Market Funds and 0.25% of the

CITY NATIONAL ROCHDALE FUNDS | PAGE 129

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

Class N Shares of the Fixed Income Funds, Multi-Asset Fund and Equity Funds, which may be used by the Distributor to provide compensation for sales support and distribution-related activities.

US Bancorp Fund Services, LLC (the “Transfer Agent”) serves as transfer agent for the Trust and provides services at an annual rate of $20,000 per share class for all Funds plus other transaction based fees and out-of-pocket expenses.

The Trust has entered into Shareholder Servicing Agreements that permit payment of compensation to City National Bank (“CNB”) and its affiliates (including City National Rochdale), which provide certain shareholder support for their customers who own Class N, Class S or Servicing Class Shares, as applicable. In consideration for such services, a shareholder servicing fee is charged at the annual rate of up to 0.25% of average daily net assets of the relevant class of each Fund. CNB and City National Rochdale have agreed to voluntarily waive portions of their shareholder servicing fees with respect to certain Funds. For the period ended March 31, 2016, CNB and City National Rochdale received $2,649,630 in shareholder servicing fees from the Trust.

Certain officers of the Trust are also officers or employees of City National Rochdale, City National Bank or the Administrator. Such officers are paid no fees by the Trust for serving as officers of the Trust.

4. INVESTMENT ADVISORY FEES AND OTHER AGREEMENTS:

Under the terms of the current investment management agreements, City National Rochdale receives an annual fee equal to a percentage of the average daily net assets of each Fund, as follows:

Fund	Fee
Government Money Market Fund	0.26%
Prime Money Market Fund	0.25
California Tax Exempt Money Market Fund	0.27
Government Bond Fund	0.43
Corporate Bond Fund	0.40
California Tax Exempt Bond Fund	0.27
Municipal High Income Fund	0.45
High Yield Bond Fund	0.60
Intermediate Fixed Income Fund	0.40
Fixed Income Opportunities Fund	0.50
Multi-Asset Fund	0.50
Dividend & Income Fund	0.50
U.S. Core Equity Fund	0.40
Emerging Markets Fund	1.00

Guggenheim Partners Investment Management, LLC (“Guggenheim”) acts as the investment sub-adviser with respect to the High Yield Bond Fund.

Alcentra LTD, All Financial Partners II LLC, Ashmore Investment Management Limited, Federated Investment Management Corp., GML Capital LLP and Seix Investment Advisors LLC act as the investment sub-advisers with respect to the Fixed Income Opportunities Fund.

Waddell & Reed Investment Management Company acts as the investment sub-adviser with respect to the Municipal High Income Fund.

Sub-adviser fees are paid by City National Rochdale.

City National Rochdale has voluntarily agreed to limit its fees or reimburse expenses to the extent necessary to keep operating expenses at or below certain percentages of certain of the Funds’ respective average daily net assets. The voluntary expense limitations (expressed as percentages of average daily net assets) are as follows:

	Government Money Market Fund	Prime Money Market Fund	California Tax Exempt Money Market Fund
Institutional Class	n/a	0.38%	n/a
Class N	0.93%	0.93%	0.85%
Class S	1.13%	1.13%	1.05%
Servicing Class	0.63%	0.63%	0.55%

	Government Bond Fund	Corporate Bond Fund	California Tax Exempt Bond Fund
Institutional Class	0.53%	n/a	n/a
Class N	1.03%	1.01%	0.88%
Servicing Class	0.78%	0.76%	0.63%

	Intermediate Fixed Income Fund	Fixed Income Opportunities Fund	Multi-Asset Fund
Institutional Class	0.51%	n/a	n/a
Class N	1.01%	1.09%	1.49%
Servicing Class	n/a	n/a	1.24%

Effective January 31, 2016, the Adviser discontinued the voluntary fee waivers for the City National Rochdale Municipal High Income Fund, City National Rochdale High Yield Bond Fund, City National Rochdale U.S. Core Equity Fund, City National Rochdale Dividend & Income Fund, and City National Rochdale Emerging Markets Fund.

CITY NATIONAL ROCHDALE FUNDS | PAGE 130

Any fee reductions or expense reimbursements may be repaid by a Fund to City National Rochdale, within three years after occurrence if such repayments can be achieved within the Fund’s expense limit in effect at the time such expenses were incurred and if certain other conditions are satisfied.

As of March 31, 2016, fees which were previously waived by City National Rochdale which may be subject to possible future reimbursement were as follows:

Fund	Potential Amount of Recovery (000)		Expiration
Government Money Market Fund	$	7,131	2016
		9,264	2017
		8,586	2018
Prime Money Market Fund		1,741	2016
		2,095	2017
		1,422	2018
California Tax Exempt Money Market Fund		2,275	2016
		2,592	2017
		2,470	2018
Government Bond Fund		5	2016
		67	2017
		74	2018
Corporate Bond Fund		83	2017
		89	2018
California Tax Exempt Bond Fund		3	2016
		99	2017
		109	2018
High Yield Bond Fund		6	2016
		101	2017
		128	2018
Intermediate Fixed Income Fund		16	2016
		59	2017
		43	2018
Fixed Income Opportunities Fund		42	2016
		263	2017
		248	2018
Multi-Asset Fund		11	2017
		44	2018
Dividend & Income Fund		23	2016
		90	2017
		44	2018
Emerging Markets Fund		115	2016
		145	2017
		291	2018

City National Rochdale, CNB, and the Administrator have voluntarily agreed to further waive and reduce their fees and/or reimburse certain expenses of the Money Market Funds in order to maintain a one-day net income yield (yield floor) of each Fund of not less than 0.01% of the Fund’s average daily net assets. The following table shows waivers, with respect to such yield floor, by class for the period ended March 31, 2016 (000):

	Shareholder Servicing Fee Waiver			Investment Advisory Fee Waiver		Administration Fee Waiver
Government Money Market Fund
Class N	$	7,342	(1)	$	1,153	$	64
Class S		2,306	(1)		246		14
Servicing Class		461			130		8
Prime Money Market Fund
Institutional Class	$	—		$	38	$	3
Class N		717	(1)		82		7
Class S		905	(1)		71		6
Servicing Class		586			143		11
California Tax Exempt Money Market Fund
Class N	$	1,407	(1)	$	600	$	31
Class S		185	(1)		56		3
Servicing Class		320			259		13

(1) Includes class specific distribution expenses.

5. INVESTMENT TRANSACTIONS:

The cost of security purchases and proceeds from the sale and maturities of securities, other than temporary investments in short-term securities for the period ended March 31, 2016, were as follows for the Fixed Income Funds, Multi-Asset Fund and Equity Funds:

	Purchases					Sales and Maturities
Fund	U.S. Gov’t (000)		Other (000)			U.S. Gov’t (000)		Other (000)
Government Bond Fund	$	16,902	$	8,452		$	19,596	$	9,895
Corporate Bond Fund		250		17,708			15		29,649
California Tax Exempt Bond Fund		—		7,251			—		7,192
Municipal High Income Fund		—		55,444			—		6,106
High Yield Bond Fund		—		23,550	†		—		27,062	†
Intermediate Fixed Income Fund		10,503		27,957			5,217		39,487
Fixed Income Opportunities Fund		8,028		492,594	‡		994		321,840
Multi-Asset Fund*		—		5,049			—		5,422
Dividend & Income Fund		—		5,071			—		4,296
U.S. Core Equity		—		45,093			—		46,976
Emerging Markets Fund		—		114,559			—		33,068

* Includes $870 (000) and $432 (000) of purchases and sales, respectively, of affiliated registered investment companies.

† Includes 17a-7 related party transactions of $693 (000) and $2,203 (000), respectively.

‡ Includes 17a-7 related party transactions of $2,561 (000).

CITY NATIONAL ROCHDALE FUNDS | PAGE 131

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

The following is a summary of the transactions with affiliates for the Multi-Asset Fund for the period ended March 31, 2016 (000):

	Corporate Bond Fund, Servicing Class			High Yield Bond Fund, Institutional Class
Beginning balance as of October 1, 2015	$	1,300		$	531
Purchases at Cost		—			870
Proceeds from Sales		(32	)		(400	)
Realized Gain (Loss)		(1	)		(104	)
Unrealized Gain (Loss)		(5	)		41
Ending balance as of March 31, 2016	$	1,262		$	938

The following is a summary of the transactions with affiliates for the California Tax Exempt Bond Fund for the period ended March 31, 2016 (000):

	Municipal High Income Fund
Beginning balance as of October 1, 2015	$	—
Purchases at Cost		1,749
Proceeds from Sales		—
Realized Gain (Loss)		—
Unrealized Gain (Loss)		22
Ending balance as of March 31, 2016	$	1,771

The Funds may also invest in the affiliated Money Market Funds to manage excess cash or to serve as margin or collateral for derivative positions.

The following is a summary of the transactions with affiliates for the period ended March 31, 2016 (000):

	Purchases at Cost (000)		Proceeds from Sales (000)			Value 3/31/2016 (000)		Dividend Income (000)
Government Money Market Fund
Government Bond Fund	$	20,452	$	(18,806	)	$	1,845	$	—
Municipal High Income Fund		55,230		(30,768	)		57,570		3
Intermediate Fixed Income Fund		24,255		(24,076	)		2,210		—
Fixed Income Opportunities Fund		14,646		(1,936	)		12,769		—
Dividend & Income Fund		7,620		(6,742	)		1,333		—
Emerging Markets Fund		71,141		(54,886	)		36,442		2
Prime Money Market Fund
Corporate Bond Fund		12,951		(14,797	)		297		—
High Yield Bond Fund		13,030		(12,640	)		630		—
Multi-Asset Fund		2,274		(2,346	)		1,285		—
U.S. Core Equity Fund		17,422		(18,941	)		36		—
California Tax Exempt Money Market Fund
California Tax Exempt Bond Fund		17,298		(16,697	)		2,337		—

6. FEDERAL TAX INFORMATION:

Each Fund intends to qualify or continue to qualify as a regulated investment company for Federal income tax purposes and distribute all of its taxable income and net capital gains. Accordingly, no provisions for Federal income taxes are required.

Management has analyzed the Funds’ tax position taken on Federal income tax returns for all open tax years and has concluded that as of September 30, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ Federal and state income and Federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest, with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with Federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss), or paid-in capital, as appropriate, in the period that the differences arise.

CITY NATIONAL ROCHDALE FUNDS | PAGE 132

Accordingly, the following permanent differences, primarily attributable to foreign currency transactions, a permanent ROC for investment in tax exempt investments in a taxable fund, REIT adjustments, investments in partnerships, realized gains (losses) on paydowns, net operating losses, return of capital distributions, distributions in excess of net investment income, investments in Passive Foreign Investment Companies and timing of distributions, were reclassified to/from the following accounts as of September 30, 2015:

	Increase (Decrease) Undistributed Net Investments Income (Loss) (000)			Increase (Decrease) Accumulated Net Realized Gain (Loss) (000)			Increase (Decrease) Paid-in Capital (000)
Government Money Market	$	1		$	(1	)	$	—
Government Bond Fund		17			(17	)		—
California Tax Exempt Bond Fund		3			(3	)		—
High Yield Bond Fund		59			(59	)		—
Intermediate Fixed Income Fund		103			(103	)		—
Fixed Income Opportunities Fund		6,322			(6,322	)		—
Dividend & Income Fund		804			(555	)		(249	)
U.S. Core Equity Fund		14			(14	)		—
Emerging Markets Fund		(1,325	)		1,325			—

Amounts designated as “—” are either $0 or have been rounded to $0.

The tax character of dividends and distributions declared during the years ended September 30, 2015 and September 30, 2014 unless otherwise indicated were as follows:

Fund	Tax Exempt Income (000)		Ordinary Income (000)		Long-Term Capital Gain (000)		Return of Capital (000)		Total (000)
Government Money Market Fund
2015	$	—	$	397	$	—	$	—	$	397
2014		—		378		—		—		378
Prime Money Market Fund
2015		—		105		—		—		105
2014		—		120		—		—		120
California Tax Exempt Money Market Fund
2015		90		2		—		—		92
2014		96		—		—		—		96
Government Bond Fund
2015		—		708		—		—		708
2014		—		750		—		—		750
Corporate Bond Fund
2015		—		2,423		1,082		—		3,505
2014		—		2,225		934		—		3,159
California Tax Exempt Bond Fund
2015		1,216		121		286		—		1,623
2014		1,008		—		127		—		1,135
Municipal High Income Fund
2015		22,487		83		—		—		22,570
2014^^		7,464		5		—		—		7,469
High Yield Bond Fund
2015		—		6,630		4,068		—		10,698
2014		—		7,732		355		—		8,087
Intermediate Fixed Income Fund
2015		—		4,532		—		—		4,532
2014		—		4,584		—		—		4,584
Fixed Income Opportunities Fund
2015		—		97,143		2,715		—		99,858
2014		—		54,067		5,256		—		59,323
Multi-Asset Fund
2015		—		252		—		—		252
2014		—		234		—		—		234
Dividend & Income Fund
2015		—		4,363		1,454		—		5,817
2014		—		5,449		—		—		5,449
U.S. Core Equity Fund
2015		—		2,073		18,578		—		20,651
2014		—		3,085		—		—		3,085
Emerging Markets Fund
2015		—		2,025		—		—		2,025
2014		—		1,072		—		—		1,072

^^ For the period December 30, 2013 (commencement of operations) through September 30, 2014.

CITY NATIONAL ROCHDALE FUNDS | PAGE 133

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

As of September 30, 2015, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:

Fund	Undistributed Tax-Exempt Income (000)		Undistributed Ordinary Income (000)		Undistributed Long-Term Capital Gain (000)		Capital Loss Carryforwards (000)			Post-October Losses (000)			Unrealized Appreciation (Depreciation) (000)			Other Temporary Differences (000)			Total Distributable Earnings (Accumulated Losses) (000)
Government Money Market Fund	$	—	$	34	$	—	$	—		$	—		$	—		$	(33	)	$	1
Prime Money Market Fund		—		9		—		(12	)		—			—			(8	)		(11	)
California Tax Exempt Money Market Fund		5		34		—		—			—			—			(7	)		32
Government Bond Fund		—		78		—		(81	)		—			1,448			(74	)		1,371
Corporate Bond Fund		—		180		115		—			—			(43	)		(179	)		73
California Tax Exempt Bond Fund		113		—		33		—			—			1,964			(110	)		2,000
Municipal High Income Fund		2,337		88		16		—			—			8,457			(2,333	)		8,565
High Yield Bond Fund		—		503		—		(13	)		(263	)		(9,058	)		(450	)		(9,281	)
Intermediate Fixed Income Fund		—		76		—		(2,481	)		—			1,552			(9	)		(862	)
Fixed Income Opportunities Fund		—		15,637		—		(789	)		(24,124	)		(96,769	)		(538	)		(106,583	)
Multi-Asset Fund		—		11		—		(74	)		(631	)		(178	)		(1	)		(873	)
Dividend & Income Fund		—		—		—		—			—			32,958			(6	)		32,952
U.S. Core Equity Fund		—		88		855		—			—			29,855			—			30,798
Emerging Markets Fund		—		227		—		(2,121	)		(5,735	)		7,582			—			(47	)

For tax purposes, the losses in the Funds generated prior to the Regulated Investment Company Modernization Act of 2010 can be carried forward for a maximum of eight years to offset any future net realized capital gains. As of September 30, 2015, the breakdown of capital loss carryforwards was as follows:

	Expiring September 30,
Fund		2017 (000)			2018 (000)		2019 (000)	Total (000)
Multi-Asset Fund	$	(74	)	$	—	$	—	$	(74	)

	Expiring December 31,
Fund		2016 (000)		2017 (000)			2018 (000)		Total (000)
Intermediate Fixed Income Fund	$	—	$	(192	)	$	(2,240	)	$	(2,432	)

Post-October losses represent losses realized on investments and foreign currency transactions from November 1, 2014, through September 30, 2015, that, in accordance with Federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

CITY NATIONAL ROCHDALE FUNDS | PAGE 134

Under the Regulated Investment Company Modernization Act of 2010, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Losses carried forward under these new provisions are as follows:

Fund	Short-Term Loss (000)			Long-Term Loss (000)			Total (000)*
Prime Money Market Fund	$	(12	)	$	—		$	(12	)
Government Bond Fund		(81	)		—			(81	)
Intermediate Fixed Income Fund		(49	)		—			(49	)
Fixed Income Opportunities Fund		(765	)		(24	)		(789	)
Emerging Markets Fund		(1,305	)		(816	)		(2,121	)
High Yield Bond Fund		—			(13	)		(13	)

* This table should be used in conjunction with the capital loss carryforwards table.

During the year ended September 30, 2015, the following Funds utilized capital loss carryforwards to offset capital gains amounting to:

Fund	Amount (000)
California Tax Exempt Money Market Fund	$	2
Government Bond Fund		107
Intermediate Fixed Income Fund		343
Multi-Asset Fund		386
Dividend & Income Fund		4,416

The aggregate gross unrealized appreciation on securities, the aggregate gross unrealized depreciation on securities and the net unrealized appreciation/ (depreciation) for tax purposes as of March 31, 2016, for each of the Fixed Income Funds, Multi-Asset Fund and Equity Funds were as follows:

Fund	Federal Tax Cost (000)		Aggregate Gross Unrealized Appreciation (000)		Aggregate Gross Unrealized Depreciation (000)			Net Unrealized Appreciation (Depreciation) (000)
Government Bond Fund	$	147,907	$	1,748	$	(36	)	$	1,712
Corporate Bond Fund		127,854		1,526		(607	)		919
California Tax Exempt Bond Fund		95,677		2,662		(68	)		2,594
Municipal High Income Fund		786,960		36,634		(15,276	)		21,358
High Yield Bond Fund		86,697		895		(12,097	)		(11,202	)
Intermediate Fixed Income Fund		268,663		5,246		(1,400	)		3,846
Fixed Income Opportunities Fund		1,819,546		81,307		(133,744	)		(52,437	)
Multi-Asset Fund		18,658		801		(316	)		485
Dividend & Income Fund		158,637		55,765		(4,847	)		50,918
U.S. Core Equity Fund		183,131		34,045		(1,401	)		32,644
Emerging Markets Fund		759,322		111,860		(50,217	)		61,643

At March 31, 2016, the Money Market Funds’ cost of securities for Federal income tax purposes approximates the cost disclosed in the Schedule of Investments.

7. CONCENTRATION OF RISK

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

The Multi-Asset Fund, the Intermediate Fixed Income Fund, the Fixed Income Opportunities Fund, the Dividend & Income Fund and the Emerging Markets Fund may invest in exchange-traded notes (“ETNs”) as a non-principal investment strategy. ETNs are unsecured debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. In addition to trading ETNs on exchanges, investors may redeem ETNs directly with the issuer on a weekly basis, typically in a minimum amount of 50,000 units, or hold the ETNs until maturity. ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The Fund will generally invest in ETNs which are linked to commodities indexes. The Fund’s investment in an ETN may be influenced by many unpredictable factors, including highly volatile commodities prices, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates, and monetary and other governmental policies, action and inaction. Investing in ETNs is not equivalent to investing directly in index components or the relevant index

CITY NATIONAL ROCHDALE FUNDS | PAGE 135

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

itself. Because ETNs are debt securities, they possess credit risk; if the issuer has financial difficulties or goes bankrupt, the investor may not receive the return it was promised.

The Municipal High Income Fund, High Yield Bond Fund, Intermediate Fixed Income Fund, Fixed Income Opportunities Fund and Multi-Asset Fund may invest in lower-rated corporate bonds, known as high yield bonds. High yield bonds involve greater risks of default, downgrade, or price declines and are more volatile than investment grade securities. Issuers of high yield bonds may be more susceptible than other issuers to economic downturns and are subject to a greater risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could have a substantial adverse effect on the market value of the security.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in asset-backed and mortgage-backed securities. As a general rule, prepayments of the principal of the loans underlying mortgage-backed or other pass-through securities increase during a period of falling interest rates and decrease during a period of rising interest rates. In periods of declining interest rates, as a result of prepayments a Fund may be required to reinvest its assets in securities with lower interest rates. In periods of increasing interest rates, the securities subject to prepayment risk held by a Fund may exhibit price characteristics of longer-term debt securities.

The Intermediate Fixed Income Fund and Fixed Income Opportunities Fund may invest in bank loans. Bank loans are not traded on an exchange and purchasers and sellers of bank loans generally rely on market makers, typically the administrative agent under a bank loan, to effect private sales transactions. As a result, bank loans may have relatively less liquidity than other types of fixed income assets, and a Fund may be more likely to incur losses on the sale of bank loans than on other, more liquid, investments.

The Fixed Income Opportunities Fund may invest in beneficial interests in individual life insurance policies (“Policies”). A Policy owner transfers his or her Policy at a discount to its face value (the amount that is payable upon the death of the insured) in return for an immediate cash settlement. The ultimate purchaser of the Policy (in this case, the Fund) is responsible for premiums payable on the Policy and is entitled to receive the full face value from the insurance company upon the death of the insured. If the Fund is unable to make premium payments on a Policy, the Policy will lapse and the Fund will lose its ownership interest in the Policy. There is currently no established secondary market for Policies, and the Policies are not considered liquid investments by the Fund. If the Fund must sell Policies to meet redemption requests or other cash needs, the Fund may be forced to sell at a loss. The longer the insured lives, the lower the Fund’s rate of return on the Policy. The underwriter’s estimate of the insured’s life expectancy may be incorrect. An insurance company may be unable or refuse to pay benefits on a Policy. In addition, market quotations will not be readily available for the Policies and the Policies will be priced using a fair value methodology adopted by the Trust’s Board. The sales price the Fund could receive for a Policy may differ from the Trust’s valuation of the Policy. A Policy is a liability of the issuing life insurance company, and if the life insurance company goes out of business, sufficient funds may not be available to pay that liability.

California Tax Exempt Funds – Specific Risks

The ability of issuers to pay interest on, and repay principal of, California municipal securities may be affected by economic and political developments in the State of California.

Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions’ or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.

The Funds invest in Certificates of Participation in a municipal obligation, which are subject to annual appropriation risk.

Emerging Markets Fund – Specific Risks

Foreign investments tend to be more volatile than domestic securities, and are subject to risks that are not typically associated with domestic securities (e.g., changes in currency rates and exchange control regulations, future political and economic developments and the possibility of seizure or nationalization of companies, or the imposition of withholding taxes on income). There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

As long as the Emerging Markets Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. The value of a foreign currency may decline in relation to the U.S. dollar while the Fund holds securities

CITY NATIONAL ROCHDALE FUNDS | PAGE 136

denominated in such currency. Currency exchange rates can be volatile and can be affected by, among other factors, the general economics of a country or the actions of the U.S. or foreign governments or central banks. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Risks associated with foreign investments may be intensified in the case of investments in emerging market countries, the political, legal and economic systems of which are less developed and less stable than those of more developed nations. Emerging markets may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of the Emerging Market Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Such investments are often less liquid and/or more volatile than securities issued by companies located in developed nations. Emerging market securities are also subject to the risk that the securities may not be sold at the quoted market price within a reasonable period of time.

A more complete description of risks is included in the Funds’ prospectus and statement of additional information.

8. CAPITAL SHARES ISSUED AND REDEEMED:

Capital share activity for the six months ended March 31, 2016, and the year ended September 30, 2015, were as follows (000):

	Government Money Market Fund						Prime Money Market Fund						California Tax Exempt Money Market Fund
	2016			2015			2016			2015			2016			2015
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			106,696			103,267			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			12			5			—			—
Shares redeemed		—			—			(64,338	)		(89,241	)		—			—
Net Institutional Class transactions		—			—			42,370			14,031			—			—
Class N:
Shares issued		2,298,678			3,753,980			278,646			701,569			318,746			686,601
Shares issued in Lieu of Dividends and Distributions		165			252			14			23			53			61
Shares redeemed		(2,330,766	)		(3,969,801	)		(295,641	)		(743,764	)		(353,632	)		(715,932	)
Net Class N transactions		(31,923	)		(215,569	)		(16,981	)		(42,172	)		(34,833	)		(29,270	)
Class S:
Shares issued		770,869			1,307,608			596,902			1,030,736			54,860			453,783
Shares redeemed		(635,119	)		(1,345,358	)		(592,459	)		(970,164	)		(67,463	)		(474,800	)
Net Class S transactions		135,750			(37,750	)		4,443			60,572			(12,603	)		(21,017	)
Servicing Class:
Shares issued		557,454			1,454,606			675,589			1,141,621			319,612			816,680
Shares issued in Lieu of Dividends and Distributions		—			—			7			11			—			—
Shares redeemed		(548,123	)		(1,357,973	)		(661,168	)		(1,199,419	)		(302,172	)		(792,228	)
Net Servicing Class transactions		9,331			96,633			14,428			(57,787	)		17,440			24,452

CITY NATIONAL ROCHDALE FUNDS | PAGE 137

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

	Government Bond Fund						Corporate Bond Fund						California Tax Exempt Bond Fund
	2016			2015			2016			2015			2016			2015
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		750			985			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		23			33			—			—			—			—
Shares redeemed		(411	)		(917	)		—			—			—			—
Net Institutional Class transactions		362			101			—			—			—			—
Class N:
Shares issued		9			29			31			187			386			407
Shares issued in Lieu of Dividends and Distributions		—			—			3			6			3			10
Shares redeemed		(51	)		(43	)		(102	)		(146	)		(182	)		(374	)
Net Class N transactions		(42	)		(14	)		(68	)		47			207			43
Servicing Class:
Shares issued		912			1,849			1,353			2,527			1,170			3,179
Shares issued in Lieu of Dividends and Distributions		12			17			11			25			5			11
Shares redeemed		(1,352	)		(4,123	)		(1,832	)		(3,358	)		(1,363	)		(1,687	)
Net Servicing Class transactions		(428	)		(2,257	)		(468	)		(806	)		(188	)		1,503

	Municipal High Income Fund						High Yield Bond Fund						Intermediate Fixed Income Fund						Fixed Income Opportunities Fund
	2016			2015			2016			2015			2016			2015			2016			2015
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued		—			—			318			707			120			254			—			—
Shares issued in Lieu of Dividends and Distributions		—			—			166			501			5			9			—			—
Shares redeemed		—			—			(535	)		(800	)		(280	)		(2	)		—			—
Net Institutional Class transactions		—			—			(51	)		408			(155	)		261			—			—
Class N:
Shares issued		8,793			19,914			593			668			1,243			3,610			15,772			25,240
Shares issued in Lieu of Dividends and Distributions		451			685			45			163			95			124			1,978			2,433
Shares redeemed		(3,852	)		(3,548	)		(886	)		(1,040	)		(1,035	)		(1,755	)		(9,350	)		(13,754	)
Net Class N transactions		5,392			17,051			(248	)		(209	)		303			1,979			(8,400	)		13,919
Servicing Class:
Shares issued		5,848			12,508			1,551			1,101			—			—			—			—
Shares issued in Lieu of Dividends and Distributions		39			52			27			92			—			—			—			—
Shares redeemed		(1,464	)		(3,463	)		(2,062	)		(2,629	)		—			—			—			—
Net Servicing Class transactions		4,423			9,097			(484	)		(1,436	)		—			—			—			—

CITY NATIONAL ROCHDALE FUNDS | PAGE 138

	Multi-Asset Fund						Dividend & Income Fund						U.S. Core Equity Fund
	2016			2015			2016			2015			2016			2015
CAPITAL SHARES ISSUED AND REDEEMED:
Institutional Class:
Shares issued in Lieu of Dividends and Distributions		—			—			—			—			—			52
Shares redeemed		—			—			—			—			(526	)		(1	)
Net Institutional Class transactions		—			—			—			—			(526	)		51
Class N:
Shares issued		7			153			764			1,823			635			1,450
Shares issued in Lieu of Dividends and Distributions		8			12			60			100			65			640
Shares redeemed		(116	)		(334	)		(750	)		(1,369	)		(707	)		(1,032	)
Net Class N transactions		(101	)		(169	)		74			554			(7	)		1,058
Servicing Class:
Shares issued		25			191			—			—			1,044			2,617
Shares issued in Lieu of Dividends and Distributions		2			5			—			—			2			4
Shares redeemed		(49	)		(324	)		—			—			(850	)		(1,882	)
Net Servicing Class transactions		(22	)		(128	)		—			—			196			739

	Emerging Markets Fund
	2016			2015
CAPITAL SHARES ISSUED AND REDEEMED:
Class N:
Shares issued		6,874			8,896
Shares issued in Lieu of Dividends and Distributions		4			25
Shares redeemed		(4,056	)		(4,558	)
Net Class N transactions		2,822			4,363

CITY NATIONAL ROCHDALE FUNDS | PAGE 139

notes to financial statements/
consolidated notes to financial statements

March 31, 2016 (Unaudited)

9. LINE OF CREDIT

The Funds, except for the Money Market Funds, have an unsecured Loan Agreement (“LOC”) with U.S. Bank N.A. Under the terms of the LOC, borrowings for an individual Fund were limited to either the lesser of 10% of the Fund’s net assets or an explicit amount on the LOC. Interest is charged to a Fund based on its borrowings at prime rate minus 0.50%.

Borrowing activity under the LOC for the period ended March 31, 2016, was as follows:

Fund	Maximum Amount of Line of Credit (000)		Interest Expense (000)		Average Rate			Average Borrowings (000)		Maximum Amount Outstanding (000)
Dividend & Income Fund	$	50,000	$	1		3.00	%	$	112	$	944

Average borrowing activity was calculated using the number of days for amounts outstanding in the Dividend & Income Fund.

10. REGULATORY MATTERS

On July 23, 2014, the Securities and Exchange Commission voted to amend the rules under the Investment Company Act of 1940, as amended, which currently govern the operations of the Money Market Funds (the “MMFs”). The most significant change resulting from these amendments is a requirement that certain types of money market funds transact fund shares based on a market-based NAV. Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to ten business days in any 90-day period. The amendments have staggered compliance dates. The majority of these amendments will impact the MMFs beginning on October 14, 2016.

11. SUBSEQUENT EVENTS

Effective April 1, 2016, Waddell & Reed Investment Management Company no longer serves as sub-adviser to the City National Rochdale Municipal High Income Fund, rather City National Rochdale, LLC has primary responsibility for the day-to-day management of the Fund.

On May 6, 2016, the SEC granted effectiveness for a new share class to the City National Rochdale Emerging Markets Funds, called Class Y shares.

The Trust has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no adjustments were required to the financial statements as of March 31, 2016 and no issues were noted to disclose.

CITY NATIONAL ROCHDALE FUNDS | PAGE 140

disclosure of fund expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, class-specific distribution fees, acquired fund fees and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the Fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the Fund’s average net assets; this percentage is known as the Fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (October 1, 2015, to March 31, 2016).

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes – NOT your Fund’s actual return – the account values shown do not apply to your specific investment.

CITY NATIONAL ROCHDALE FUNDS | PAGE 141

disclosure of fund expenses (Unaudited) (Continued)

	Beginning Account Value 10/01/2015	Ending Account Value 3/31/2016	Annualized Expense Ratios	Expense Paid During Period*
City National Rochdale Government Money Market Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,000.10	0.23%	$ 1.15
Class S	1,000.00	1,000.10	0.24%	1.20
Servicing Class	1,000.00	1,000.10	0.24%	1.20
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,023.85	0.23%	$ 1.16
Class S	1,000.00	1,023.80	0.24%	1.21
Servicing Class	1,000.00	1,023.80	0.24%	1.21
City National Rochdale Prime Money Market Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,000.10	0.37%	$ 1.85
Class N	1000.00	1,000.10	0.36%	1.80
Class S	1,000.00	1,000.10	0.37%	1.85
Servicing Class	1,000.00	1,000.10	0.37%	1.85
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,023.15	0.37%	$ 1.87
Class N	1000.00	1023.20	0.36%	1.82
Class S	1,000.00	1,023.15	0.37%	1.87
Servicing Class	1,000.00	1,023.15	0.37%	1.87
City National Rochdale California Tax Exempt Money Market Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,000.10	0.09%	$ 0.45
Class S	1,000.00	1,000.10	0.09%	0.45
Servicing Class	1,000.00	1,000.10	0.09%	0.40
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,024.55	0.09%	$ 0.46
Class S	1,000.00	1,024.55	0.09%	0.46
Servicing Class	1,000.00	1,024.60	0.09%	0.40
City National Rochdale Government Bond Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,006.00	0.53%	$ 0.87
Class N	1,000.00	1,003.50	1.03%	5.17
Servicing Class	1,000.00	1,004.70	0.78%	3.91
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,022.35	0.53%	$ 2.68
Class N	1,000.00	1,019.85	1.03%	5.20
Servicing Class	1,000.00	1,021.10	0.78%	3.94
City National Rochdale Corporate Bond Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,006.80	1.01%	$ 5.07
Servicing Class	1,000.00	1,007.20	0.76%	3.81
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.95	1.01%	$ 5.10
Servicing Class	1,000.00	1,021.20	0.76%	3.84
City National Rochdale California Tax Exempt Bond Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,012.90	0.88%	$ 4.43
Servicing Class	1,000.00	1,014.10	0.63%	3.17
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,020.60	0.88%	$ 4.45
Servicing Class	1,000.00	1,021.85	0.63%	3.18
City National Rochdale Municipal High Income Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,038.50	1.02%	$ 5.20
Servicing Class	1,000.00	1,039.80	0.77%	3.93
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.90	1.02%	$ 5.15
Servicing Class	1,000.00	1,021.15	0.77%	3.89
City National Rochdale High Yield Bond Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 983.70	0.76%	$ 1.22
Class N	1,000.00	979.90	1.26%	6.24
Servicing Class	1,000.00	981.10	1.00%	4.95
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,021.20	0.76%	$ 3.84
Class N	1,000.00	1,018.70	1.26%	6.36
Servicing Class	1,000.00	1,020.00	1.00%	5.05

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 142

	Beginning Account Value 10/01/2015	Ending Account Value 3/31/2016	Annualized Expense Ratios	Expense Paid During Period*
City National Rochdale Intermediate Fixed Income Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,016.50	0.51%	$ 0.83
Class N	1,000.00	1,014.10	1.01%	5.09
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,022.245	0.51%	$ 2.58
Class N	1,000.00	1,019.95	1.01%	5.10
City National Rochdale Fixed Income Opportunities Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,001.50	1.10%	$ 5.50
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.50	1.10%	$ 5.55
City National Rochdale Multi-Asset Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,001.50	1.49%	$ 7.46
Servicing Class	1,000.00	1,002.80	1.24%	6.21
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,017.55	1.49%	$ 7.52
Servicing Class	1,000.00	1,019.30	1.24%	6.26
City National Rochdale Dividend & Income Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,125.20	1.11%	$ 5.90
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,019.45	1.11%	$ 5.60
City National Rochdale U.S. Core Equity Fund
Actual Fund Return
Institutional Class	$ 1,000.00	$ 1,041.90	0.51%	$ 0.85
Class N	1,000.00	1,039.00	1.02%	5.20
Servicing Class	1,000.00	1,041.00	0.77%	3.93
Hypothetical 5% Return
Institutional Class	$ 1,000.00	$ 1,022.45	0.51%	$ 2.58
Class N	1,000.00	1,019.90	1.02%	5.15
Servicing Class	1,000.00	1,021.15	0.77%	3.89
City National Rochdale Emerging Markets Fund
Actual Fund Return
Class N	$ 1,000.00	$ 1,065.90	1.61%	$ 8.32
Hypothetical 5% Return
Class N	$ 1,000.00	$ 1,016.95	1.61%	$ 8.12

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

CITY NATIONAL ROCHDALE FUNDS | PAGE 143

board approval of advisory and sub-advisory agreements

(Unaudited)

The Board of Trustees (the “Board”) of City National Rochdale Funds (the “Trust”) is comprised of six Trustees, five of whom are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”). During the six months ended March 31, 2016, the Board and the Independent Trustees approved an amended advisory agreement that, if approved by the shareholders, would increase the annual advisory fee rate payable by the City National Rochdale Municipal High Income Fund (the “Fund”) to City National Rochdale, LLC (“CNR”), the Fund’s investment adviser, by 0.05% (the “Amended Management Agreement”). CNR recommended that the Board approve the Amended Management Agreement in connection with the pending termination of Waddell & Reed Investment Management Co. (“Waddell”), the Fund’s then-current sub-adviser, and the recent employment by CNR of a team of municipal high yield bond investment professionals (the “CNR Muni High Yield Team”) that would be providing portfolio management services to the Fund.

The terms of the Amended Management Agreement are substantially identical to those of the previous management agreement between CNR and the Trust with respect to the Fund, except that the advisory fee rate payable by the Fund under the Amended Management Agreement is 0.50% of the average annual daily net assets of the Fund. Under the previous management agreement, CNR was paid an annual advisory fee equal to 0.45% of the average annual daily net assets of the Fund.

At an in-person meeting on February 18, 2016, the Board of Trustees considered the Amended Management Agreement. The Board, including the Independent Trustees, voted unanimously to approve the Amended Management Agreement, and to approve the submission of the Amended Management Agreement to a vote of the shareholders of the Fund. A Special Meeting of Shareholders of the Fund will be held on June 15, 2016, at which shareholders of the Fund will be asked to approve the Amended Management Agreement.

General Information

The following information summarizes the Board’s considerations associated with its review of the Amended Management Agreement. In connection with their deliberations, the Board considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant.

In advance of the meeting, the Board received information about the proposed Amended Management Agreement from CNR and SEI Investments Global Funds Services, the Trust’s administrator, certain portions of which are discussed below. The materials, among other things, included a memorandum from CNR setting forth CNR’s rationale for recommending approval of the Amended Management Agreement and the termination of Waddell as the Fund’s sub-adviser; information regarding the background and experience of the CNR Muni High Yield Team, which had been recently hired by CNR and would be providing portfolio management services to the Fund; reports of the performance of the Invesco High Yield Municipal Fund (the “Invesco Fund”), a mutual fund previously co-managed by the CNR Muni High Yield Team using the same investment strategies and investment style they would use to manage the Fund, over various periods ended December 31, 2015, compared to the returns of the Barclays High Yield Municipal Bond Index (the “Index”); and information regarding the proposed advisory fee and total expenses of the Fund compared with those of a group of comparable funds selected by CNR (the “Peer Group”) from Lipper, Inc.’s High Yield Municipal Debt Funds universe (the “Expense Universe”). Before voting on the proposed Amended Management Agreement, the Independent Trustees met with their independent counsel in a private session at which no representatives of CNR were present.

In approving the Amended Management Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. The Board and the Independent Trustees also took into account information they received at past meetings of the Board and its committees with respect to the services provided by CNR. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors. However, the Board and the Independent Trustees concluded that each of the various factors referred to below favored such approval.

CNR’s Recommendation

In considering the Amended Management Agreement, the Board considered the following information provided by CNR with respect to the Fund’s investment advisory arrangements:

● CNR had hired the CNR Muni High Yield Team, a team of three senior experienced municipal high yield bond investment professionals, that was proposed to manage the Fund commencing April 1, 2016.

CITY NATIONAL ROCHDALE FUNDS | PAGE 144

● The Invesco Fund, a mutual fund previously co-managed by the CNR Muni High Yield Team members, had outperformed the Index for most periods reviewed since the Invesco Fund’s inception, as described below.

● When the Fund was established, CNR expected the day-to-day management of the Fund would be carried out by a sub-adviser (subject to CNR’s oversight) rather than directly by CNR. CNR anticipated that it would incur substantial increased costs as a result of internalizing the management of the Fund in connection with the following items, among others: providing the new municipal high yield team with new or additional facilities and equipment, support staff, technology and research resources; new and ongoing employee compensation expenses to attract and retain high quality professionals; and increased oversight and use of compliance and legal resources.

● CNR believes the proposed advisory fee increase will allow CNR to continue to provide high quality services while maintaining a competitive expense ratio for shareholders, and will ensure the Fund can remain well-resourced to meet evolving needs as the Fund grows.

● Although the Fund’s advisory fee rate would increase by 0.05%, due to CNR’s rebate structure for its separately managed account clients, the net advisory fees paid by the majority of CNR’s separately managed account clients (who comprise most of the Fund’s current shareholders) with respect to their investments in the Fund would be reduced for at least a period of two years following the effective date of the Amended Management Agreement.

● CNR would bear the fees and expenses incurred by the Fund in connection with the shareholder approval of the Amended Management Agreement, including legal fees relating to the preparation of the proxy statement and any expenses in connection with the solicitation of proxies.

Nature, Extent and Quality of Services to be Provided by CNR

The Board considered the returns of the Invesco Fund. The meeting materials reviewed by the Board indicated that the annualized total returns of the Invesco Fund, which commenced in January 2008, for the one-, three-, five- and seven-year and since inception periods ended December 31, 2015, were higher than the returns of the Index. The materials also indicated that the returns of the Invesco Fund, compared to the returns of funds in Morningstar, Inc.’s High Yield Municipal Fund Group, performed in the top 10th percentile over the trailing 1- and 3-year periods ended December 31, 2015; in the top 20th percentile over the trailing 5- and 7-year periods ended December 31, 2015; and in the top 7th percentile since its inception on January 1, 2008.

The Board also considered the overall quality of services proposed to be provided by CNR to the Fund under the Amended Management Agreement. In doing so, the Board considered CNR’s specific responsibilities in management of the Fund, including the day-to-day portfolio management of the Fund, as well as the qualifications, experience and responsibilities of the personnel who would be involved in the activities of the Fund. The Board also considered its familiarity with CNR as the investment adviser to the other series of the Trust (the “CNR Funds”) and the overall quality of CNR’s organization, operations, and compliance structure. The Board and the Independent Trustees concluded that, based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services expected to be provided by CNR to the Fund under the Amended Management Agreement would be satisfactory.

Advisory Fee and Total Expenses

In reviewing the proposed advisory fee of the Fund, the Board considered information included in the meeting materials with respect to the Fund’s proposed advisory fee and total expenses. With respect to the proposed advisory fee, the meeting materials indicated that the proposed fee was lower than the average fees (gross of fee waivers) of the Peer Group and the Expense Universe, although the advisory fee was slightly above the average fees (net of fee waivers) of the Peer Group and the Expense Universe by 0.041% and 0.049%, respectively. The Board noted, however, that the proposed advisory fee for the Fund was within the middle 60% of advisory fees (net of fee waivers) of funds in the Expense Universe. The Board considered that CNR does not manage assets for any other clients using the same investment strategies as those used by the Fund, and therefore it could not compare the proposed advisory fee of the Fund with those of any other clients of CNR. The Board noted, however, that the proposed advisory fee for the Fund was within the range of fees charged by CNR to manage various other CNR Funds that also invest in fixed income securities, and that the proposed advisory fee was lower than the advisory fee of the Invesco Fund.

The Board considered that CNR currently rebates a portion of the advisory fees it charges to the majority of its separately managed account clients (“Account Fees”) that invest in the CNR Funds, including the Fund, in order to offset the advisory fees paid by those CNR Funds to and retained by CNR, and that

CITY NATIONAL ROCHDALE FUNDS | PAGE 145

board approval of advisory and sub-advisory agreements

(Unaudited) (Continued)

although the Fund’s advisory fee would increase by 0.05% under the Amended Management Agreement, due to CNR’s rebate structure, the net advisory fee paid by those CNR separately managed account clients with respect to their investments in the Fund would be reduced.

The Board considered that approximately 0.38% of the Fund’s current advisory fee of 0.45% was paid to Waddell, the Fund’s then-current sub-adviser, and that CNR currently rebates the difference of approximately 0.07% to the majority of its separately managed account clients invested in the Fund, so that those managed account clients invested in the Fund in effect pay a net advisory fee of 0.38%. The Board noted that although CNR was proposing to increase the Fund’s advisory fee from 0.45% to 0.50%, for the majority of its separately managed account clients invested in the Fund, CNR was planning to rebate 0.25% of the fee back to those clients, so that those clients would in effect pay a net advisory fee of 0.25%. The Board considered CNR’s commitment to maintaining this 0.25% rebate for a period of at least two years, and noted that CNR had no current intention to change the fee credits after that two-year period. The Board noted that certain CNR separately managed account clients whose assets are custodied at City National Bank (representing approximately 18% of the Fund’s assets) pay lower Account Fees than CNR’s standard Account Fee pursuant to a historical fee schedule that has been discontinued, and those managed account clients would not receive any rebate with respect to their investments in the Fund. Subsequent to the February meeting, CNR informed the Board that it would rebate to such separately managed account clients amounts equal to 0.05% of the advisory fee paid with respect to their investment in the Fund. For those CNR clients, the net annual advisory fee rate paid with respect to the Fund would therefore remain the same. CNR is committed to maintaining this 0.05% rebate for a period of at least two years from the effective date of the Amended Management Agreement, and has no current intention to change the fee credits after that two-year period.

With respect to the total expenses proposed to be paid by the Fund, the meeting materials reviewed by the Board indicated that the total expenses for the Fund (Servicing Class shares) were below the average expenses (net of fee waivers) of the Expense Universe, but above the Peer Group average expenses (net of fee waivers) by 0.04%.

The Board and the Independent Trustees concluded that the compensation payable to CNR by the Fund under the Amended Management Agreement is fair and reasonable in light of the nature and quality of the services CNR was expected to provide to the Fund.

Profitability, Benefits to CNR and Economies of Scale

The Board considered information prepared by CNR relating to its current costs and profits with respect to the Fund and its estimated costs and profits with respect to the Fund under the Amended Management Agreement for a three-year period. The Board noted that CNR anticipated it would not realize a profit with respect to the Fund until after the first year following the proposed implementation of the advisory fee, and determined that the level of profitability under the Amended Management Agreement was reasonable. The Board also considered the benefits received by CNR and its affiliates as a result of its relationship with the Fund (other than investment advisory fees paid to CNR), including fees paid to affiliates of CNR such as City National Bank, City National Securities, Inc. and RIM Securities, LLC for providing certain shareholder servicing and sub-distribution services to the Fund; benefits to City National Bank’s brokerage and wealth management businesses as a result of the availability of the Fund to its customers; research services made available to CNR by broker-dealers that provide execution services to the Fund; and the intangible benefits to CNR and its affiliates of their association with the Fund generally and any favorable publicity arising in connection with the Fund’s performance. The Board concluded that although there were no advisory fee breakpoints, significant economies of scale were not likely to be realized with respect to the Fund until the asset levels of the Fund were significantly higher than its current levels.

Conclusion

Based on these and other factors, the Board and the Independent Trustees concluded that approval of the Amended Management Agreement is in the best interests of the Fund and its shareholders and, accordingly, approved the Amended Management Agreement.

CITY NATIONAL ROCHDALE FUNDS | PAGE 146

shareholder voting proxy results (Unaudited)

On December 7, 2015, a Special Meeting of Shareholders of the City National Rochdale Socially Responsible Equity Fund was held to consider and act upon a proposal to approve an Agreement and Plan of Reorganization providing for the transfer of all of the assets of City National Rochdale Socially Responsible Equity Fund (the “Target Fund”), a series of City National Rochdale Funds, to, and the assumption of all of the liabilities of the Target Fund by, the Baywood Socially Responsible Fund (the “Acquiring Fund”), a newly-created series of Forum Funds II, in exchange for the Acquiring Fund’s shares, which would be distributed pro rata by the Target Fund to the holders of its shares in complete liquidation of the Target Fund. Shares were voted as follows:

	Number of Shares Voted	% of Shares Voted	% of Total Outstanding Shares
For	23,651,472.806	99.934%	92.072%
Against	5,786.713	0.024%	0.022%
Abstain	9,624.378	0.040%	0.037%

CITY NATIONAL ROCHDALE FUNDS | PAGE 147

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CITY NATIONAL ROCHDALE FUNDS | PAGE 148

Item 2.  Code of Ethics.

Not applicable for semi-annual report.

Item 3.  Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.  Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.  Schedule of Investments

Not applicable.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 9.  Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.  Submission of Matters to a Vote of Security Holders.

None. 

Item 11.  Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report.  In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Items 12.  Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	City National Rochdale Funds
By (Signature and Title)*	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer
Date:	June 3, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Garrett R. D’Alessandro
	Garrett R. D’Alessandro,
	President and Chief Executive Officer
Date:	June 3, 2016
By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt, Treasurer
Date:	June 3, 2016

* Print the name and title of each signing officer under his or her signature.